The Port Secures Second Round of Private Sector Investment for Social Impact
Program Drives Job Creation and Economic Growth in Hamilton County
Cincinnati, OH, July 27, 2021 – The Port of Greater Cincinnati Development Authority (The Port) announced today it has secured a second round of capital investment from nine area organizations to fuel economic development in Cincinnati and Hamilton County.
Established in 2016, The Port’s “Patient Capital Notes” investment program provides an opportunity for companies or individuals to invest in the growth of the region with returns on the investment manifesting through job creation, blight removal, and increasing tax revenue. This type of social impact investing helps fund the acquisition of underutilized urban industrial sites to ultimately be repositioned for advanced manufacturing companies.
“Our unique social impact investment model is a novel approach to driving sustainable and equitable growth in Hamilton County,” said Laura N. Brunner, President and CEO of The Port. “The Patient Capital Notes program was the first of its kind when we initially offered it, and we’re delighted to see a near majority of our investors re-invest for a second round of funding,” Brunner added.
The social impact of The Port’s Patient Capital Notes program is evident throughout Hamilton County where companies have purchased sites from The Port, increasing the County’s tax base through job retention or creation. There are several other social impact programs The Port manages, which collectively help repair and rehab failed urban real estate, reduce neighborhood blight, provide financing assistance to create more affordable housing options, and address the racial wealth gap through first-time home ownership,
The nine Cincinnati companies or organizations investing in The Port’s Patient Capital Note program include:
- Cincinnati Bell
- Duke Energy
- GE Aviation
- Haile Foundation
- Huntington National Bank
- Jurgensen Cos.
- Ohio National Life Insurance
- O’Rourke Wrecking Company
- Western & Southern
“Huntington has a long and proud history of investing in our communities, and we’re pleased to join the public-private partnerships that support the mission of The Port,” said Kevin Jones, Huntington’s regional president for Southern Ohio & Kentucky. “Restoring the vitality of often-overlooked properties and their surrounding neighborhoods will drive positive social change and improve economic opportunities throughout Hamilton County.”
The second round of investment commitments in The Port’s Patient Capital Notes program will have a five-year note period, a $50 million aggregate fund limit, and a $250,000 minimum commitment.
The Port’s Patient Capital Notes program also helps promote Hamilton County’s nationally attractive set of infrastructure assets to companies interested in locating or expanding within our region. These assets include:
- Central location along the Ohio River and the I‐75 freight corridor
- Intermodal transportation infrastructure
- Rich manufacturing talent
- Robust supply chain network
“Impact investing brings private capital to the table to help solve our communities’ greatest problems,” Brunner added, continuing: “It links the social consciousness of philanthropy with the market principles of business, while increasing the number of jobs in our area.”
The Port has used its Patient Capital Notes program to fund acquisition of sites to attract large, advanced manufacturing companies. Some of these sites include:
- 2100 Section Road in Amberley Village (56-acres, formerly the Gibson Greeting Card HQ)
- 2250 Seymour Avenue in Bond Hill (19-acres, formerly the Cincinnati Gardens)
- 2000 West Street in Reading (25-acres, formerly the Dow Chemical Company)
- Reading Road property in Evendale (42-acres, formerly part of Formica Corporation)
About The Port:
The Port was formed in 2000 to stimulate growth of the regional economy. Partnering with the City of Cincinnati and Hamilton County, the Port works to redevelop manufacturing and residential communities to build the foundation of job creation and livable, viable communities where residents can experience economic prosperity. For additional information, please visit http://cincinnatiport.org.
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Vice President of Communications and Marketing, The Port