Explanation
Background: On September 10, 2012, Columbus City Council passed Ordinance No. 1960-2012 to authorize the City Auditor to allocate the City’s share of the Casino Tax Revenues received from the State of Ohio for 2012, 2013, and each year thereafter. The purpose of this ordinance is to authorize an amendment to the City’s allocation of Casino Tax Revenues received from the State of Ohio for 2026 and each year thereafter.
MONIES AFTER 2025
Monies received in 2026, and each year thereafter, will be deposited in the Casino Fund (Fund 2275) and the General Fund (Fund 1000) in priority order as follows:
Priority 1: Fund 2275 Subfund 227502 - Casino - Arena: Deposits as follows:
Calendar Year Percentage of Total Casino Tax Receipts Received
2026 35%
2027 40%
2028 45%
2029 and thereafter 50%
These agreed upon percentages may be subject to reduction after retirement of all of the existing or future Franklin County Convention Facilities Authority’s Bonds and State Loans supporting Nationwide Arena.
The timing and percentages correspond (i) with lease payments related to the Lease Agreement and Sublease Agreement dated February 1, 2012 between the City of Columbus, Franklin County and the Franklin County Convention Facilities Authority (“CFA”) and (ii) with the contribution related to the Operating and Maintenance Agreement between the City of Columbus, Franklin County, and the CFA. Pursuant to Ordinance No. 1596-2011, the City and County entered into the aforesaid lease and sublease arrangement with the CFA that allowed the CFA to purchase, operate, and maintain Nationwide Arena. The City is submitting additional legislation for City Council consideration to allow the City and County to further enter into an operating and maintenance agreement that allows the CFA to fund ongoing maintenance and capital investments in Nationwide Arena.
Priority 2. Fund 2275 Subfund 227501 - Casino-Debt Service: Deposited amounts in the years 2013 through 2023 varied per ye...
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