HUNTINGTON BANK MAKES INVESTMENT IN GREATER CINCINNATI MANUFACTURING SITE READINESS
FOR IMMEDIATE RELEASE:
September 13, 2017
Gail Paul, VP Communication Strategy
Greater Cincinnati Redevelopment Authority
Private patient capital note program created in 2016 to accelerate the revitalization of industrial sites for new investment & job creation
CINCINNATI – Huntington Bank has joined the Greater Cincinnati Redevelopment Authority’s urban manufacturing site readiness initiative with the purchase of $2 million of the agency’s Patient Capital Notes. The Patient Capital Notes comprise the job-site development fixed-income social impact investment program, a key financial driver of the Redevelopment Authority’s work to redevelop 500 industrial acres to attract next generation manufacturing.
The Redevelopment Authority committed to a large-scale effort to acquire and repurpose industrial sites in 2015 and currently has 75 acres under development, including a 56-acre advanced manufacturing development site located near Interstate 75. Greater Cincinnati has a nationally attractive set of infrastructure assets to offer companies interested in locating in or expanding within the region and is well-positioned to attract advanced manufacturing operations with one exception – it lacks suitable real estate options.
Kevin Jones, president of Huntington’s Southern Ohio-Kentucky Region, said a core belief of Huntington is to commit resources necessary to improve regional competitiveness and strengthen economic development.
Patient Capital Notes are an impact investment for community-minded investors to create both positive economic and social outcomes, according to Laura N. Brunner, President & CEO of the Redevelopment Authority. “We are grateful to Huntington for its commitment. Their investment will enable us to gain control of additional parcels to build a robust regional industrial site inventory. Everyone at Huntington with whom we have worked so far has shown incredible passion for making a difference. We look forward to working together and learning from their community-driven projects in multiple states.”
When the Redevelopment Authority looks to acquire and invest in sites, it seeks blighted urban industrial properties that are not financially feasible for private sector developers and lenders to repurpose. Its goal is to redevelop the site to “highest and best use” standard – delivering jobs and an improved tax base. It recently completed remediation, demolition and site work at 2100 Section Road in Amberley Village and has listed the property with a national real estate marketing firm.
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $100 billion of assets and a network of 996 branches and 1,855 ATMs across eight Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides auto dealer, equipment finance, national settlement and capital market services that extend beyond its core states. Visit huntington.com for more information.
About the Greater Cincinnati Redevelopment Authority:
The Greater Cincinnati Redevelopment Authority is the new name of the Port of Greater Cincinnati Development Authority – changed in August 2017 by its Board of Directors to better reflect the 17-year-old agency’s revitalization mission and role in regional economic development. The Redevelopment Authority is a public, mission-driven development finance agency focused on revitalizing Hamilton County, Ohio, neighborhoods and legacy urban industrial sites. A port authority under Ohio Revised Code 4582, our diverse suite of programs and initiatives are structured to make significant impact to improve our region in ways that reduce poverty, improve land value and create well-paying jobs. The agency is governed by a board of directors appointed in equal number by the City of Cincinnati and Hamilton County. More information at www.cincinnatiport.org.
About Hamilton County-Targeted Patient Capital Notes:
(Economic Development Mortgage Revenue Bond Anticipation Note, Series 2017)
The groundbreaking Patient Capital Fund program invests in the acquisition and strategic repositioning of underutilized sites principally located within Hamilton County’s industrial corridors. It is designed to create nominal financial return plus return of principal to accredited investors who seek social benefits related to accelerating regional growth. The five-year fixed-income securities have principal maturities of five years. Proceeds are used solely for capital projects related to site acquisition and repositioning. To date, the program has attracted $10,800,000 from local investors, including Huntington Bank, Ohio National Financial Services, the Carol Ann and Ralph V. Haile, Jr./U.S. Bank Foundation, GE Aviation, Duke Energy, Cincinnati Bell, Inc., Robert “Bobby” Fisher, John R. Jurgensen Co., and Western & Southern Financial Group.