The Franklin County (Ohio) Convention Facilities Authority, the public owner of Nationwide Arena, yesterday voted to "seek a property-tax exemption on the financially strapped venue, formalizing discussions that began earlier this year to save potentially millions of dollars annually," according to Evan Weese of COLUMBUS BUSINESS FIRST. The joint agency "unanimously approved a resolution to 'urge members of the Ohio General Assembly to change Ohio law so that every publicly owned sports arena in Ohio is exempt from property taxes.'” Such a move "would put Nationwide Arena on par with the state’s 14 other publicly owned venues." The arena "will owe property taxes" in '16 "for the first time" after a 15-year, 99% abatement. FCCFA Exec Dir Don Brown said that it is "unclear exactly how much would be saved with an exemption because of a dispute in the valuation of Nationwide Arena." Weese noted the arena cost $165M to build in '00 but "was sold" for $42.5M 12 years later. The issue is "important to Nationwide Arena's owners because of a shortfall in the city and county’s share of casino tax revenue that was expected to fund" the arena’s $42.5M purchase from Nationwide Mutual Insurance Co. and Dispatch Printing Co. in '12 (BIZJOURNALS.com, 11/17).
