Greater Cincinnati corporate executives have agreed to support the legalization of slot machines in Ohio in exchange for $100 million. The money will go to an economic development fund.

The corporate leaders, united in the Cincinnati Business Committee, reached an agreement with casino owners who will pay the $100 million form their own profits as of mid-2008. This development fund is separate from the $89 million a year destined to education and other projects that amendment supporters have predicted.

If approved, the new legislation would allow the operation of slot machines at Ohio’s seven racetracks, including River Downs and Lebanon Raceway, and it would create two slot machine halls in downtown Cleveland.