Stadium fund plan worked out, includes sale of Drake Hospital

CINCINNATI - Hamilton County commissioners Todd Portune and Chris Monzel have drafted a plan they said, "balances the beleaguered stadium fund and that, in the process, provides for massive improvements in public health and commits to new strategic economic development investments."

This means they have the two votes needed to pass the plan during Wednesday's county commission meeting.

Republican Chris Monzel and Democrat Todd Portune said they have honored the promise to keep the full property tax rebate promised in 1996 when voters approved a sales tax increase to pay for the two new sports stadiums. Thus those who own and live in Hamilton County homes may see lower property taxes in 2012.

The commissioners say central to their plan is the sale of the Hamilton County owned Drake Hospital for $15 million cash and for commitments by UC Health, and Drake Center Inc.

"This is a win-win for the County, its taxpayers and for healthcare in our community. We are deeply committed to Drake Center and its long-term success, and we believe this agreement will enable us to respond more effectively to the needs of our patients who receive care at that great facility," said Jim Kingsbury, President and CEO of UC Health.

The plan could see some legal hurdles as some say the amount of the sale is too low and the money from the sale must be used in a different way. 

Some county estimates put the $15 million price tag as below market value for Drake which the auditors website puts the value at $45 million.