Mayor Jim Suttle's 2010 budget includes an increase in the property tax which would go toward the debt for the Qwest Center. Remember -- the Qwest bonds were approved by voters in 2000 with no reliance on property taxes. So what changed?

Since it opened in 2003, the Qwest Center has hosted a number of marquis events. From the USA swimming trials -- to March Madness regionals -- to the volleyball Final Four. That's not even counting the big musical artists that used to skip Omaha.

The Metropolitan Entertainment & Convention Authoritiy manages and operates the Qwest Center. The City of Omaha owns the building.

When voters went to the polls in May of 2000, they overwhelmingly approved the convention center - arena. Yes votes were 36,673. No votes were 23,025. The 61-percent margin echoed this poll from the Omaha Chamber of Commerce ten years ago which asked if you'd vote for the arena knowing it wouldn't raise your property taxes? 57-percent said yes.

Mayor Suttle blames the decisions on the past two administrations for having to raise property taxes. "Nine years ago the mayor and council slashed the property tax levy. For the last eight years, the Mayor and Council have repeatedly delayed action to remedy the resulting shortfall."

Interest is the only part of the Qwest debt that's being paid now. Omaha pays $10.8-million a year. When the first payment is due in 2012, the city will owe $19-million.

Omaha's cash reserves were $26-million in 2008 & $19-million in 2009, and budgeted at $12.6 in 2010. The proposed property tax increase would raise $6-million next year.

Former Mayor Hal Daub who helped push for the convention center says the plan could have worked without property taxes and it was the decision by Mayor Mike Fahey to refinance the Qwest debt -- along with other financial decisions in 2004 -- that ballooned the problem.

Former Mayor Fahey staffers tell Channel 6 News that none of the financial projections made by their predecessor worked out. From sales tax to parking to property tax receipts, in their words, were overly optimistic and that refinancing saved taxpayers $42-million dollars.

"Since we've opened we've generated and sent back to the city in sales tax, turnback tax -- almost $22-million," says Meca's Roger Dixon.

Those who operate the Qwest fear the new entertainment tax would keep concerts away and thus hurt the money it returns to the city.

At the same time -- a project billed to be built with no property taxes -- will likely be paid off using them.

In February of 2000, Doug Kagan with Nebraska Taxpayers for Freedom told Channel 6 News something that really hits home now, "We're afraid the way financing is put together right now there will be a shortfall. And for many years in the future, the property taxpayers will have to make up the difference in higher property taxes."

Hal Daub says the original plan could have worked without property taxes if the next mayor wouldn't have changed the anchor hotel.

Omaha's finance director says under the new formula, Qwest debt would be paid with 77% property taxes instead of the previous 35%.

Qwest center has a bigger cash reserve than the Omaha by a couple million dollars. It even stopped accepting subsidies from the city years ago saving taxpayers $9-million dollars.

Out of the $216-million borrowed to built the arena -- with interest, the final bill will come to $403-million.