Organization wants to partner with city to renovate Music Hall

CINCINNATI, OH (FOX19) - On Monday, dozens of Music Hall supporters presented a plan that would renovate the Over-the-Rhine landmark.

The Music Hall Revitalization Company wants to lease the facility from the city for 99 years.

MHRC says the lease will raise $165 million dollars to renovate it, $10 million would come from the city, and the rest from private donors and tax credits.

"We have donors who are ready to step forward. So $10 million unlocks another $150 million in philanthropy and tax credits that can get this job done," said Patty Beggs, CEO of the Cincinnati Opera.

But many city leaders say it's a bad deal. The proposal outlines that MHRC would apply for $38 million dollars in new market tax credits.

However, if the organization fails to obtain that money, the city would foot the bill.

"They want us to guarantee if they don't get $38 million from other sources that we would provide that money on top of the $10 million," said Mayor Mark Mallory. "They want us to take out a $168 million mortgage on our own building. There is no way that is going to happen, that just doesn't make sense."

Copyright 2012 WXIX. All rights reserved.