RELATED: Warren County ups lodgings tax to pay for sports complex
Last month, the Warren County Board of Commissioners took the last step leading to the port authority issuing up to $16 million to cover the development and the costs of financing the project.
On Sept. 19, the commissioners agreed to pledge the 3 percent lodgings tax, as well as 1 percent recently added, to fund the 109-acre sports complex, off Ohio 741 and Greentree Road in Turtlecreek Twp.
On Tuesday, the commissioners unanimously voted to support a cooperative agreement through which a trustee will manage payments on the bonds issued for the project, expected to mature on Dec. 1, 2042, and to pledge the lodgings tax to pay for the project.
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The port authority will turn over operation of the sports complex to the Warren County Convention & Visitors Bureau (CVB). Two turf fields could be ready for next season, the remaining grass fields for the 2019 season, according to estimates.
The sports complex is one component of Union Village, a 1,400-acre multi-generational community, eventually with 12,000 residents and attracting $1.5 billion in private investment.
The development is owned by Otterbein Senior Lifestyle Choices and includes its main retirement campus off Ohio 741, south of Springboro and west of Lebanon. The land for the sports complex was transferred from Otterbein to the CVB, as part of negotiations leading to approval of the Union Village plan.
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Just under $15.7 million of the debt is to finance the project, with additional funds to cover the costs, including a $150,000 payment to the port authority for administrative fees at closing on Oct. 4.
The CVB is to pay the port authority about $26,000 a year for rent.
The port authority board is to meet at 3 p.m. to consider approving Kleingers as construction administrator.
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