Casino developer Penn National has asked the City
The Columbus Dispatch first reported a four-page term sheet of suggested incentives that is labeled confidential and non-binding. Penn National is asking for financial help in exchange for agreeing to annex its property on Georgesville Road into Columbus.
Penn National wants Columbus to pick up the tab for extended water lines, road improvements, and the casino developer has asked for discounted water and sewer rates.
The company also requested the city's help in borrowing money at lower interest rates, and a 10-year, 75-percent property-tax break on non-casino improvements, such as a parking garage or a hotel.
Additionally, the casino suggested that Columbus and Franklin County spend millions of dollars from the casino tax revenue the two entities stand to receive on a Community Improvement Corporation (CIC) for the surrounding area. Penn National wants to have a voting member on the CIC who would help decide how the money is spent.
Last year, Penn Pational pledged not to ask for financial help from the City of Columbus when the Hollywood Casino was slated to be built in the Arena District.
Penn National spokesperson Bob Tenenbaum said the move to the west side changes the picture, making the casino more like a traditional economic development project.
Tenenbaum said Penn has absorbed significant environmental clean-up fees at the former Delphi plant.
In addition, Penn National paid to help pass Issue 2 in May. The company also declared a $30 million loss on its Arena District property value.
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