This initiative faces a lot of hurdles.
First, is the ballot proposal legal in that it would extend across multiple elections - in the first election voters would end the Arena payments, but payments could be resumed if approved by the voters in a subsequent election sometime before January 2016 (that is the date the ballot initiative says payments are to stop).
http://wosu.org/2012/news/2013/12/12/elections-board-oks-signatures-for-nationwide-arena-effort/
Second, and probably the bigger issue, is whether citizens can terminate a contract that the government has entered into. This is a contractual/constitutional law issue that no doubt would take quite a bit of time and money to wind its way through the courts here in Ohio with plenty of outside parties weighing-in. If allowed, it would seem to be a terrible precedent that could severely hamper government's ability to go about its business. Seems like the thing to do when you don't like what a governmental body has done is to vote the politicians out of office.
Even if the ballot initiative is passed and ruled legal by the courts, I still can't see the powers that be letting the Jackets just walk away - they'd likely come up with some sort of deal to keep them around.
I think this Columbus Coalition for Responsive Government is using this issue as a way to promote themselves and some of their other causes.