Carson, Inglewood Stadium Reps Meet With NFL 49ers Address Turf Issues Ahead Of Super Bowl 50 DraftServ Coming To United Center During Playoffs Churchill Downs Bans Selfie Sticks Nats, Astros Submit Plans For Spring Training Home NFL's Grubman Wants Signs Of Progess In Oakland Churchill Downs Unveils Suite Upgrades PawSox Ask Taxpayers For Ballpark Funds Minneapolis Mayor: No To MLS Stadium Tax Breaks Sacramento Outlines Plan To Attain MLS Team
Upcoming Conferences and Events
COUNTY FINALIZES BOND SALE FOR NEW BENGALS STADIUM
Published May 22, 1998
Hamilton County officials sold $273M in bonds on Tuesday, the "final financing instruments for the Bengals' new stadium," according to Lucy May of the CINCINNATI ENQUIRER. The county received an "average" 5.16% interest rate on the bonds. Earlier this year, the county issued $71.6M in bonds at a 4.87% interest rate, and in all, the county has sold $344.6M in bonds to pay for the stadium. May wrote that is "considerably more" than the original estimate of $322.7M, but officials cite the rising land cost as one reason for the increase. The bonds will be paid off by a half-cent county sales tax increase (CINCINNATI ENQUIRER, 5/20). May reported yesterday that "even with the favorable interest rates," documents show that interest payments will total more than $353M over the 30-year debt. Combined interest for the $273M in bonds sold Tuesday and the $71.6M bond issue in January "brings the total cost of the project," including the stadium complex plus financing costs, to more than $753M. Hamilton County Commissioner Bob Bedinghaus "stressed" that the cost of the $400.3M football complex hasn't changed and said that county officials "plan to pay off the debt early" (CINCINNATI ENQUIRER, 5/21).