The racino is expected to use its $12 million to offset infrastructure costs. Warren County is expected to use $4 million to straighten and improve Union Road, which runs north-south past the racino. The county gets first dibs, according to the agreement.
The county port authority also holds title to the racino complex, saving operators as much as $3 million in sales tax on construction materials. Miami Valley Gaming paid $800,000 in closing costs and will pay $1,000 a month to lease the complex for 10 years.
The racino agreed to donate $200,000 a month through October, then $500,000 a year in 2015-2018, toward redeveloping the fairgrounds in Lebanon.
A special taxing district is also part of the development agreement. Officials in Monroe and Turtlecreek Twp. still have to approve a joint economic development district on the racino site. Next year, the district is to raise $670,000 a year — from income tax on the racino's employees or its net profits — to subsidize costs to the city and township, Bell said.
Tuesday's signing capped more than three months of work since terms of the agreement were reached.
“It’s an exciting day. We have documents to sign,” Commissioner Pat South said.