Westside Casino Location to be Annexed by City of Columbus

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Westside Casino Location to be Annexed by City of Columbus

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Started 2 years ago by Walker
Latest reply from misskitty

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Walker
The KLD / Downtown
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Deal annexes casino into city; Franklin Township gets $67 million
Tentative agreement depends on Issue 2's passage Tuesday
Thursday, April 29, 2010 2:33 PM
BY DARREL ROWLAND AND ROBERT VITALE
THE COLUMBUS DISPATCH

Columbus will annex the potential West Side casino site and give Franklin Township $67 million over the next 50 years under a tentative agreement rolled out this afternoon.

Money generated by the complicated deal would be spread over much of the West Side, concentrating on the Broad Street corridor, regardless of whether the property is in the city or township, said Mayor Michael B. Coleman and Timothy Guyton, chairman of the township's trustees.

READ MORE: http://www.dispatch.com/live/content/local_news/stories/2010/04/29/casino-annexation-agreement.html

Thursday, April 29, 2010, 2:55pm
Columbus, Franklin Township work out casino-area annexation deal
Business First of Columbus - by Matt Burns

Columbus and Franklin Township officials are finalizing a pact aimed at making the relocation of ColumbusÃ¢â‚¬â„¢ casino site the spark for growth in the struggling West Broad Street corridor and keeping both municipalities happy.

But to secure what Mayor Michael Coleman calls a win-win for the city and the township, itÃ¢â‚¬â„¢s a win from Ohio voters thatÃ¢â‚¬â„¢s needed at TuesdayÃ¢â‚¬â„¢s primary election to shift the casino site from its location by the Arena District. Should voters approve Issue 2 on Tuesday, developer Penn National Gaming Inc. officially will plant its flag at the abandoned Delphi Automotive Systems LLC site in west Columbus and the 123-acre site will be annexed to the city from the township.

READ MORE: http://www.bizjournals.com/columbus/stories/2010/04/26/daily33.html

Posted 2 years ago #
Core_Models
Columbus
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That's a strange definition of "win-win"

Posted 2 years ago #
chaptal
West Side
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Assuming Issue 2 passes. A lot of imaginary money is on the line.

Posted 2 years ago #
kcrissinger
Brookshire
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Hopefully, this will clear up some issues for folks and allow them to vote YES on Tuesday! The reinvestment of the revenue in the area is a great thing!

Posted 2 years ago #
Core_Models
Columbus
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kcrissinger wrote >>
Hopefully, this will clear up some issues for folks and allow them to vote YES on Tuesday! The reinvestment of the revenue in the area is a great thing!

I don't really care the result of Issue 2 to be honest, but if I was in Franklin Township, a million bucks a year to give up the casino to Columbus wouldn't begin to sway me in favor of it.

Posted 2 years ago #
Walker
The KLD / Downtown
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Core_Models wrote >>
That's a strange definition of "win-win"

If it's a mutually beneficial deal between the City of Columbus and Franklin Township, I imagine that's what's been referred to, no?

Posted 2 years ago #
Walker
The KLD / Downtown
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chaptal wrote >>
A lot of imaginary money is on the line.

I think you meant "speculative" money instead of "imaginary" right?

Posted 2 years ago #
Core_Models
Columbus
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Walker wrote >>

Core_Models wrote >>
That's a strange definition of "win-win"

If it's a mutually beneficial deal between the City of Columbus and Franklin Township, I imagine that's what's been referred to, no?

I don't agree that its mutually beneficial though. Without the deal, Franklin Township would retain the host city taxes, which even at the worst estimates will far exceed 1.3 Million a year or whatever it works out to. Strikes me as Columbus moving their perceived problem, still reaping all the benefits, while Franklin Township gets a pittance.

ETA: BTW, if you even remotely believe all the "ugly architecture" or "hookers on every corner" arguments, Franklin Township still gets all of those apparently...

Posted 2 years ago #
kcrissinger
Brookshire
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Core_Models wrote >>

Walker wrote >>

Core_Models wrote >>
That's a strange definition of "win-win"

If it's a mutually beneficial deal between the City of Columbus and Franklin Township, I imagine that's what's been referred to, no?

I don't agree that its mutually beneficial though. Without the deal, Franklin Township would retain the host city taxes, which even at the worst estimates will far exceed 1.3 Million a year or whatever it works out to. Strikes me as Columbus moving their perceived problem, still reaping all the benefits, while Franklin Township gets a pittance.
ETA: BTW, if you even remotely believe all the "ugly architecture" or "hookers on every corner" arguments, Franklin Township still gets all of those apparently...

It is more than they would get if it is built in the AD.

Posted 2 years ago #
Core_Models
Columbus
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I'm not sure I understand the point.

It's all contingent on Ohio voters approving state Issue 2 on Tuesday

Posted 2 years ago #
Walker
The KLD / Downtown
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Core_Models wrote >>
I don't agree that its mutually beneficial though. Without the deal, Franklin Township would retain the host city taxes, which even at the worst estimates will far exceed 1.3 Million a year or whatever it works out to. Strikes me as Columbus moving their perceived problem, still reaping all the benefits, while Franklin Township gets a pittance.

Then why would Franklin Twp agree to it?

Posted 2 years ago #
Core_Models
Columbus
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Walker wrote >>

Core_Models wrote >>
I don't agree that its mutually beneficial though. Without the deal, Franklin Township would retain the host city taxes, which even at the worst estimates will far exceed 1.3 Million a year or whatever it works out to. Strikes me as Columbus moving their perceived problem, still reaping all the benefits, while Franklin Township gets a pittance.

Then why would Franklin Twp agree to it?

LOL...apparently they've put some long, studious hours into the decision:

Guyton said it's reasonable for Columbus to get a larger share because it's so much larger.

ETA: I do hope Mayor Coleman doesn't decide to give away our host city tax revenue to the state of Ohio for some magic beans...they are bigger and all...

Posted 2 years ago #
MikeReed

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Because the big guys get what they want and the little guys take whatever they can get?

Posted 2 years ago #
kcrissinger
Brookshire
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Walker wrote >>

Core_Models wrote >>
I don't agree that its mutually beneficial though. Without the deal, Franklin Township would retain the host city taxes, which even at the worst estimates will far exceed 1.3 Million a year or whatever it works out to. Strikes me as Columbus moving their perceived problem, still reaping all the benefits, while Franklin Township gets a pittance.

Then why would Franklin Twp agree to it?

I'm with you Walker. They would agree to it because that site won't generate anywhere near a cool mill each year without a casino being there.

Posted 2 years ago #
Core_Models
Columbus
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kcrissinger wrote >>

Walker wrote >>

Core_Models wrote >>
I don't agree that its mutually beneficial though. Without the deal, Franklin Township would retain the host city taxes, which even at the worst estimates will far exceed 1.3 Million a year or whatever it works out to. Strikes me as Columbus moving their perceived problem, still reaping all the benefits, while Franklin Township gets a pittance.

Then why would Franklin Twp agree to it?

I'm with you Walker. They would agree to it because that site won't generate anywhere near a cool mill each year without a casino being there.

Issue 2 isn't contingent on the site being in the City of Columbus.

If Issue 2 fails, Franklin Township gets zero dollars...either way.

If Issue 2 passes, Franklin Township gets the host city share of tax revenues from all the casinos in the state...if they don't do this deal. If they do this deal, they get a "cool mill" a year, which is a fraction of that.

ETA: IF this deal wasn't continent on Issue 2 passing, it would make a lot more sense for the Township...but it is.

Posted 2 years ago #
Walker
The KLD / Downtown
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So again... I still don't understand why Franklin Township would agree to something if they weren't benefiting from the agreement.

Posted 2 years ago #
Core_Models
Columbus
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Because if the Chairman of the Board of Google made you an offer for C/U, you'd have to give it serious consideration. Even if it was a bad offer, it would hold a lot more appeal because it was coming from the Chairman of the Board of Google...who could make your career afterward, who could decide to break you if you refused by making sure nothing ever linked to you again, etc.

Come on, this is a Township run by 3 guys with an 8 million dollar a year budget...you expect them to become political enemies with the Mayor of the 15th largest city in the country?

You already get it.

Posted 2 years ago #
Roland
Clintonville
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While Franklin Township could receive more money from casino revenue without annexing. Perhaps Franklin Township is betting that the Casino won't generate that level of revenue for long and are going for the sure thing that Coleman is offering. Which is for a good duration.

Posted 2 years ago #
Core_Models
Columbus
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Roland wrote >>
While Franklin Township could receive more money from casino revenue without annexing. Perhaps Franklin Township is betting that the Casino won't generate that level of revenue for long and are going for the sure thing that Coleman is offering. Which is for a good duration.

If the casino performed half as well as expected in the first year alone and closed, Franklin Township would earn around 10 million bucks. Well invested, that would pay as much as Columbus plans to pay them annually with an empty site.

Posted 2 years ago #
Walker
The KLD / Downtown
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Core_Models wrote >>
Come on, this is a Township run by 3 guys with an 8 million dollar a year budget...you expect them to become political enemies with the Mayor of the 15th largest city in the country?

So you're saying that you believe there was some sort of extortion or blackmailing or something involved in this deal?

Posted 2 years ago #