More details about plan to fund Union Terminal repairs
Hamilton County Commissioners will vote Wednesday on a financing plan for repairing Union Terminal.
The plan lays out a public/private partnership and is contingent on voters approving Issue 8, a quarter cent sales tax increase, in November.
Museum Center CEO Doug McDonald says the public/private partnership option also means the project can get started faster and the Museum Center will be able to pay cash up front for the first few years rather than needing loans.
Spokeswoman Elizabeth Pierce says it also means the Museum Center assumes all the risk, not county taxpayers.
"The county is on the hook only for the amount of sales tax revenue that is generated," she says. "So if there is a discrepancy between the total cost of the project and the sale tax revenue and the private fundraising and the other grants, then that balance would be left to the private organization."
But, Pierce adds, the Cultural Facilities Task Force is confident the project can be completed without going over budget.
Read the proposal: