Milford and Increased Hotel
Massive incentives: $24 MILLION IN INCENTIVES (from August 10 numbers): • $5.4m in LAND: Taxpayers, (Milford and increased hotel tax) will pay $5,382,521 for land for FC Cincinnati including $911,187 from Milford taxpayers and $4,471,333 from a hotel tax increase • $17.3m in PROPERTY TAX: FC Cincinnati will not pay property tax of $866,744 per year ($17,334,880 total of which $12,090,540 would have gone to schools) • $.2m in TAP & FEE WAIVERS: Fee waivers of $209,107 by Milford • $1m in SALES TAX: Savings of $1,050,000 in sales tax on construction • $.1m in PORT AUTHORITY FEES: $105,000 in Port Authority fees paid by the Milford CIC Biggest ever in Clermont County? For 60 direct jobs. INCENTIVE FACT SHEET: $24,081,507.50 in incentives in just 5 items FREE LAND NO PROPERTY TAX MILFORD CIC • Taxpayer land purchase $5,382.520.50 • Forgo $17,334,880 in property tax TO PORT AUTH. • Lose $1,144,160 currently collected • Payments of $105,000. NO CONSTRUCTION SALES TAX WAIVED FEES • Forgo $1,050,000 in sales tax • Waive $209,107 in fees FCC PAYMENT FACT SHEET: $2,805,000 (but, net to $1,305,000) DEVELOPER CONTRIBUTION (LAND) PORT AUTHORITY FEES / “RENT” • Pay $1,500,000 but most people need to pay for • Pay $305,000 over 20 years in Fees and Rent their land But the deal is set to pay it back: SCHOOLS PAYMENT Incentives: $24,081,507.50 • Pay $1,000,000 in deal but, current owners pay Inputs (all credit): ($2,805,000.00) $798,000 ($39,200/yr) so true net is $216,000 Net “incentive” $21,276,507.50 But likely $22,776507.50 (after FC gets bask its
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