CINCINNATI, OH (FOX19) - Cincinnati Bengals team officials announced Tuesday they’d reached an agreement with Hamilton County for a new music venue at The Banks.
The two organizations say they will be collaborating to bring a new indoor-outdoor entertainment venue to the area.
Part of their agreement focuses on constructing the venue and the long-term viability of Paul Brown Stadium, team officials say.
The Cincinnati Symphony Orchestra was announced as the developer for the venue in June. Hamilton County commissioners approved CSO’s bid for a three-level venue that is projected to cost $19.25 million.
Bengals officials say the venue will be built just east of Paul Brown Stadium along Elm Street on Lot 27 of The Banks.
The venue will include a two-acre greesnpace and event lawn to the east of the Riverview Entertainment Venue on Lot 23 of The Banks, officials say.
CSO and MEMI, the other developer, expect more than 150 events to be held at the venue and will draw more than 300,000 people on a yearly basis. They believe this will also help business at The Banks.
As for Paul Brown Stadium, the Bengals say their agreement with the county includes eliminating a $30 million cost reimbursement to the team which the county was supposed to make over the next eight years.
The county also agreed to work on repairs to the stadium to sustain it for the future.
The Bengals also say they will acquire additional property west of the stadium along Mehring Way for additional parking for the riverfront area and business employees. They also say this will increase tailgating areas.