Budig: ​Music Hall renovation about $40M short, but 'We're going to get this done'

Enlarge Photo

Tony Jones

Otto Budig, the Cincinnati philanthropist helping lead efforts to renovate Music Hall, said Friday that raising the $40 million necessary to complete the job is difficult but he believes it will get done.

Chris Wetterich

Staff reporter- Cincinnati Business Courier

Email  |  Twitter  |  LinkedIn

Otto Budig, the Cincinnati philanthropist helping lead efforts to renovate Music Hall, said Friday that raising the $40 million necessary to complete the job is difficult but he believes it will get done.

Budig, speaking to Government Strategies' monthly First Friday luncheon, said the Cultural Facilities Task Force has between $80 million and $85 million in commitments and tax credits but needs $123 million total.

Budig lamented Hamilton County commissioners' decision to sever Music Hall from a sales tax increase proposal that voters approved in November.

"There isn't anyone I think in this room who wasn't surprised and disappointed at the commissioners decision to extract Music Hall from the sales tax," Budig said. "While the Museum Center's situation is fairly well set and while there's a modest amount of private philanthropy that must pull them over the financial top, it's going to be a little more difficult for Music Hall."

So far, the Cultural Facilities Task Force has:

• $45 million in private donations
• $25 million in federal and state tax credits
• $10 million commitment from the city
• Another $400,000 annual long-term funding commitment from the city, which the task force is looking at how to monetize

The next big piece potentially could be an Ohio Historic Preservation Tax Credit grant that Budig hopes will deliver at least $15 million to the project. Music Hall faces competition with two Cleveland buildings and Akron's former Goodyear headquarters. The award is expected to be announced this month.

Time is essential. The symphony is planning to move out after its 2015-16 season, leaving 17 months for major repairs to the auditorium.

"I am in the process of raising money virtually two or three times a week," Budig said. "We are talking usually about six figures or seven figures and while those are extremely important there isn't a person to whom I talk – not one – who does not finish the conversation with, 'We're going to get us done.' That's a thing I believe in my heart, and that's a thing that's going to happen."

Wetterich covers government and politics, transportation and downtown development.