The owner of U.S. Bank Arena is pitching a top-to-bottom renovation of the rundown arena that would require more than $300 million in tax money but ultimately hand ownership over to the public.

Ray Harris, COO of Nederlander Entertainment, which owns and operates the arena, said Thursday in a sit-down interview with The Enquirer that the $370 million rebuild would tear the current structure down to the existing pad and take two years. It could bring events such as the NCAA men's basketball tournament to the city.

The proposal, however, met with immediate skepticism from officials whose support would be critical to making it a reality. Hamilton County Commissioner Todd Portune said Thursday evening he hadn't heard details of Nederlander's plan and is focused on taking a bigger look at all the region’s needs.

“We’ve all been pretty firm, we’re not looking at any sales tax financing of U.S. Bank Arena,” Portune said.

Under the latest Nederlander plan:

Voters would be asked to extend for seven years a quarter-cent sales tax now being used to renovate Union Terminal. That would bring in an estimated $313 million.

Out of that money, the Port of Greater Cincinnati Development Authority would buy the arena from Nederlander for $35 million to $40 million, meaning it would be owned by the public. The Port would pay Nederlander to operate the arena. Nederlander would lease space there for the Cincinnati Cyclones.

Increased events would bring in $34 million over six years, which would also be used for the renovation. After that, the revenue would flow to the Port, which has long sought an ongoing stream of revenue.

Over six years, increased parking would bring in $14 million and the admissions tax $9 million. Both would go toward the project.

Hamilton County commissioners would need to approve putting the idea to voters with a majority vote, and Cincinnati City Council would have to allow for the admissions tax portion of the project.

"To be a major-league city you need the ability to host big events, and we don't have that right now," Harris said.

The biggest conventions, concerts and sporting events are passing Cincinnati by, Harris said. And those losses have an economic impact on the region. A University of Cincinnati Economic Center study showed a renovated arena, including construction and operations from 2020 to 2023, could be a $677 million boon to the region.

Former Cincinnati Mayor Charlie Luken, who is the Port's board chairman, said he heard about the plan from Port Executive Director Laura Brunner and his initial reaction is "no."

"I worry about getting the Port into a situation of taking on public debt," Luken said. "The revenue stream isn't assured. It put us in the position of assuming that if they build it, people will come. I'm not comfortable with that."

Still, Luken said, he's open to hearing more.

"There is nothing I would like to do more than redo U.S. Bank Arena," he said.

The request comes at a time when there's already talk of possible Hamilton County sales tax requests to help build a Major League Soccer stadium and modernize Cincinnati's bus system. And, of course, Hamilton County residents already pay a half-cent sales tax for Great American Ball Park and Paul Brown Stadium.

The arena project would dovetail with another project under consideration: expanding the convention center using the occupancy tax.

Harris said he's pitching the U.S. Bank Arena plan now to be a part of the broader conversation. He has talked with commissioners and some council members but said the public must be a part of the conversation.

The plan calls for a completely new building with a transparent glass structure over Pete Rose Way to the north and Mehring Way to the south. It would also be taller.

It would have more seats, wider concourses, expanded locker rooms and connect to the riverfront and Banks in a way it doesn't now. It would also add 40 luxury suites.

The 40-year-old arena hasn't had a serious renovation since 1997.

Its shortcomings shifted into the spotlight in 2014, when Cincinnati sought to host the 2016 Republican Convention. The arena was blamed when the bid fell short, with the city losing out Cleveland, home to Quicken Loans Arena.

Losing the convention cost the region 50,000 visitors and an estimated $200 million in economic activity.

Harris first unveiled his hopes for a renovation two years ago, though he did not say how it would be funded.

Some hoped the University of Cincinnati men's basketball team would play its regular 2016-17 season games at U.S. Bank Arena while its on-campus arena is under construction, but the school picked NKU's BB&T Arena instead.

Then this past April, Cincinnati won a bid to host the NCAA men's basketball tournament for the first time in 30 years – but only if the renovation happens.

Harris said skipping the renovation means more of the same.

"We'll do what we've always done, maintain the building so it's functional and keep bringing in shows," Harris said. "It's not that the building is bad, it just can't host the cream-of-the-crop events."

Proposed sources of $370 million in improvements:

Extension of Union Terminal sales tax: $313 million

Revenue from building events: $34 million

County parking revenue: $14 million

City admissions tax: $9 million

About the proposed renovation: