SBD/22/Facilities Venues

COUNTY FINALIZES BOND SALE FOR NEW BENGALS STADIUM

          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).

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Cincinnati Bengals, Facilities

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