The Port Newsletter: Issue 2, 2020

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Volume 8 / Issue 2 - The Port Updates
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Our offices are closed, but we are open for business.

As we all face the COVID-19 pandemic and work to flatten the curve, our team is continuing to work remotely to make real estate work. 

Our upcoming events, including Landbank office hours, are postponed for now, but we encourage you to feel free to reach out to our team members anytime. We are working on ways to continue to deliver educational events around real estate, how to work with The Port, and providing updates on our work in Hamilton County.

We also know this pandemic is placing large burdens on individuals and businesses in our community. So many local organizations have created pathways to provide assistance to our neighbors during this time. From Greater Cincinnati Foundation and United Way's Regional Response Fund to the many resources for businesses provided by the Cincinnati USA Regional Chamber to the multitude of ways to continue to support our local restaurants and more. We're stronger together, and we can all help in ways big and small. We will continue to share local resources and ways to help on our social media channels. 

These are uncharted times, but the Cincinnati Region is strong.

Stay safe and healthy,
The Port Team

INDUSTRIAL REVITALIZATION

Camp Washington manufacturer's expansion retains and creates jobs

The Port's acquisition of the property directly adjacent to Kao, Inc. USA's research, development, and manufacturing operation on Spring Grove Avenue enables the company to expand and retain its workforce of 525 here in Cincinnati, which represents more than $51 million in annual payroll and will result in 45 additional jobs. This decision is the culmination of months of discussion led by The Port leadership with Kao, Inc. USA and "a monumental effort inspired by true public-private collaboration to achieve a vision that works for all parties," according to Port President and CEO, Laura Brunner.
“Kao, Inc. USA's investment is an example of how partnerships and site development can assist companies' growth in Cincinnati and all of Ohio.”

DANA SAUCIER
Vice President & Head of Economic Development, JobsOhio
READ MORE ABOUT HOW THIS COLLABORATIVE EFFORT IS RETAINING AND CREATING JOBS IN OUR REGION


ADDITIONAL INDUSTRIAL DEVELOPMENT NEWS

PUBLIC FINANCE

Public financing helps affordable housing development complete needed upgrades

At the end of 2019, the Port Board of Directors approved public financing to support this $13 MM project. The Port issued $7.5 million in tax-exempt bonds to finance the acquisition and renovations to the Fields Ertel Townhomes complex and entered into a structured lease. The project is additionally financed through equity generated from Low Income Housing Tax Credits (LIHTC). 

For qualified parties, tax-exempt bonds provide project financing with a lower cost of interest. Governmental, nonprofit (501c3), qualified “private activity” and “exempt facilities” can be financed with tax-exempt bonds.
READ MORE ABOUT THIS PROJECT AND OUR PUBLIC FINANCE TOOLS


ADDITIONAL PUBLIC FINANCE NEWS

NEIGHBORHOOD REVITALIZATON

Top ten Landbank properties finding new use in 2019

We took a look through all of the Hamilton County Landbank's 175 property dispositions in 2019 and highlighted ten that represent a broad range of project types, geographies, and Landbank programs. Each property has a compelling story about how it will be transformed from being blighted and abandoned real estate into a home, yard, business, or community asset. Some of the highlights include:
  • An area for outdoor afterschool programming and a community orchard
  • The rehab of a multi-family building providing hands-on workforce training
  • An office expansion for an Avondale nonprofit serving neighborhood seniors
  • A Landbank-stabilized property that will add additional street-level retail contributing to Walnut Hills' East McMillan Business District
and more...
 
READ MORE ABOUT JUST A FEW OF THE 175 PROPERTIES PUT BACK TO PRODUCTIVE USE IN 2019


ADDITIONAL NEIGHBORHOOD REVITALIZATION NEWS:

PERSPECTIVES

Collaboration provides a pathway to greater equity

"Taking Ownership" is a series of monthly editorials in the Enquirer written by The Port President and CEO Laura Brunner that put forth strategies on how Cincinnati can be a place where everyone has a chance to participate in prosperity and The Port's role in this larger conversation. In the fifth installment, a look at why collaboration is key to greater equity.
READ THE FIFTH INSTALLMENT OF "TAKING OWNERSHIP" - A SIX-PART ENQUIRER EDITORIAL SERIES

PERSPECTIVES

The Real Estate Accelerator Lab

The Real Estate Accelerator Lab (REAL) kicked off in October 2019 with its first class of 26 emerging professionals, including The Port's Michael Golden. For the next few months, Michael will be providing his takeaways and perspectives throughout the program.
READ MORE ABOUT THE REAL ESTATE ACCELERATOR LAB

Featured Properties

3719 Glenway Avenue
Landbank-owned commercial building in Price Hill's Glenway Avenue Business District. Historic stabilization was completed in 2019 on this 3,132 SF structure.
See the Listing Here
3864 Reading Road
Historic former single-family residence in North Avondale. The structure was stabilized by the Landbank in 2019, and we're seeking applications for commercial use for this property.
See the Listing Here
SEE MORE AVAILABLE PROPERTIES
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