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Last updated 3:19PM ET
July 17, 2018
Nebraska News
Nebraska News
Chambers blocks convention center subsidies
(2007-04-16)
(NET Radio) - In 1999, the Legislature passed a bill to subsidize the convention center. It included a formula under which 70 percent of sales and income tax revenues that would normally go to the state would instead go to help pay off the bonds on the Omaha facility. The other 30 percent were to be reserved for similar, but smaller projects elsewhere in the state. But the formula depended on attracting convention business that was new to Nebraska, and conventions where more than 50 percent of the attendees came from outside the state. Senator Mike Flood of Norfolk said that was supposed to give Omaha at least four and a half million dollars a year. But it's only producing about one tenth that much. So Flood is sponsoring a new proposal that would use sales tax revenue from the convention center, the Qwest Center arena and a nearby hotel. It would generate about another 2 million dollars a year, while maintaining the 70-30 split with the rest of the state. Flood says that will benefit other communities as well. © Copyright 2018, NET Radio