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Development News

New Market Tax Credits Key to City’s Revival

Cincinnati’s development coffers got a little fatter last week, as $125 million in federal tax subsidies flooded into the city. These subsidies, called New Market Tax Credits (NMTCs), incentivize local investors to funnel capital into low-income communities and have essentially bankrolled Over-the-Rhine’s entire revitalization.

For example, Washington Park — perhaps the most emblematic example of OTR’s rebirth — received nearly $14 million in New Market Tax Credits (NMTC) from the Local Initiatives Support Coalition (LISC) to help support its reconstruction. Several ongoing developments have also received some or all of their funding through NMTCs, including the Market Square and Ziegler Park projects.

Ziegler Park Aerial
New Market Tax Credits helped transform parts of Over-the-Rhine like the reconstruction of Ziegler Park (Photo by Travis Estell)

Developers often balk at the prospect of developing low-income communities because they fear their investment will be wasted. NMTC are the federal government’s attempts to allay these concerns. Congress first authorized the subsidies through the Community Renewal Tax Relief Act of 2000. Over the past fifteen years, the bill’s success has earned it bipartisan support. According to the program’s 2016 report, the tax credits have created 750,000 jobs and invested over $75 billion to businesses and revitalization projects in communities with high rates of poverty and unemployment.

Less than 25 percent of the applications submitted each year are awarded, but three major Cincinnati developers beat the odds this year: Cincinnati Development Fund ($65 million), Uptown Consortium (45 million), and the Kroger Community Development Entity ($15 million).

To win an NMTC grant, a corporation — in federal parlance, Community Development Entities (CDE) — must lobby the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund on behalf of private investors like the Cincinnati Center City Development Corporation (3CDC). If the CDFI approves the application, then the investors who pledged money to the CDE will receive a seven-year tax abatement to support development.

3CDC, in particular, has secured a eye-popping $238 million since the program’s inception. Without this capital, it’s unlikely that OTR would have changed as drastically as it has. The community was a no-brainer for NMTC-driven development due to its extreme poverty. The neighborhood’s median household income during the 2010 census was a paltry $14,517. Six years and billions of dollars have certainly improved its lot, but its average income still pales in comparison to the city’s 2015 median income, $56,826.

While OTR will likely continue to receive the majority of NMTC-driven development, other distressed neighborhoods are receiving attention. According to Director of Development Thea Munchel, the Walnut Hills Redevelopment Foundation expects approximately $6.5 million in NMTC Equity for its expected revitalization of Paramount Square. “It is too early to know who all will participate in the deal,” she said. “But Cincinnati Development Fund received a huge award and has indicated that they will contribute some into the project.”

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News Transportation

New Event to Highlight Urban Parks and Streetcar

IGers Cincinnati Meetup PromoAutumn heralds apple cider, crisp cool air and the colorful reveal of fall foliage. The best way to experience this in Cincinnati is by visiting one of the city’s many parks. This city is blessed with having some of its best parks within or overlooking its urban core. The Smale Riverfront Park, Washington Park and others dot the landscape and are all easily connected by the brand new Cincinnati Bell Connector. Yet the leaves won’t stay on the trees forever, which is why this weekend is the best time to snap a few photos!

UrbanCincy has partnered with IGers Cincinnati, a group dedicated to highlighting the best Cincinnati area Instagramers to do a photo walk this Saturday, October 22 at noon. The photo walk, called “Park + Ride,” will highlight the new Cincinnati Bell Connector and the city’s great urban parks along the streetcar route.

Participation is free and open to anyone. This is a great opportunity to meet new people, fellow Instagram photographers and more. We will be meeting at the “Sing the Queen City” sign at Smale Riverfront Park at noon. From there the group will tour the Riverfront Park before boarding the streetcar to travel to our next destinations. Stops include Smale Riverfront Park, Piatt Park, Washington Park and the Rhinegeist rooftop deck. There will also be an optional climb to Bellevue Hill Park.

Some photos taken at the event and tagged with #cinstameet_streetcar will be highlighted by UrbanCincy.

The event starts at noon on Saturday October 22 in front of the “Sing the Queen City” sign located at the foot of the Roebling Suspension Bridge. It is easily accessible from the Banks Streetcar stop and is located within a block of three Cincy RedBike stations. Bring your smartphone or camera. We hope to see you there!

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News Transportation

Metro’s Bus, Streetcar Services Providing Ample Options For Bengals’ Home Opener

Town Center Garage Streetcar RouteThe Bengals will host their first home game of season this Sunday at Paul Brown Stadium. A capacity crowd is expected to fill the stands, and city leaders are looking to provide a variety of options for fans to easily get to and from the game safely.

One of those options includes the newly opened Cincinnati Bell Connector. Operating from the northern reaches of Over-the-Rhine to The Banks – just two blocks from Paul Brown Stadium – the streetcar vastly expands the reach of those walking to the game from their home or from their car.

As such, City Hall is offering a first-of-its-kind parking special at the Town Center Garage on Central Parkway. Located within two blocks of two different streetcar stations, parking at Town Center Garage will be offered for just $10 on game days; and the first 100 cars will receive four free streetcar passes.

“The Town Center Garage is a natural extension of game day parking options, and its proximity to two streetcar stops makes it a natural fit for fans looking to save money and avoid game day traffic,” said Oscar Bedolla, Director of Cincinnati’s Department of Community and Economic Development.

City officials are encouraging fans to come early on game day to enjoy all the offerings along the Cincinnati Bell Connector route, including the tailgate party at The Banks, watch party on Fountain Square and numerous bars, restaurants and shops throughout Over-the-Rhine.

“What we are looking to do here is take full advantage of the link that the Cincinnati Bell Connector offers from Over-the-Rhine to Downtown, to the benefit of football fans,” Parking Division Manager Daniel Fortinberry said in a prepared statement. “We see this as a fun way for fans to get to and from the game.”

The first weekend the streetcar was open saw more than 50,000 riders take advantage of free service. The second weekend, which coincided with Oktoberfest Zinzinnati, saw more than 29,000 riders pay to ride the Cincinnati Bell Connector. With large crowds expected at the Bengals game and MidPoint Music Festival, another large number of riders is anticipated for this weekend.

In addition to the parking special and streetcar service, Metro has again partnered with Miller Lite to offer free rides on Metro bus service from 7am to midnight this Sunday.

While the special partnership is an effort to cut back on drunk driving, it also offers Cincinnatians a good chance to check out Metro bus service for free – not just going to the game, but anywhere on Metro’s regional system.

“As a transit system, the safety of our customers is always our top priority,” said Dwight Ferrell, Cincinnati Metro CEO & General Manager. “Thanks to Miller Lite, Bengals fans will now be able to enjoy the game even more by letting Metro be their designated driver with free rides to and from the stadium.”

The Bengals (1-1) will take on the defending Super Bowl champion Broncos (2-0) this Sunday at 1pm along the central riverfront at Paul Brown Stadium.

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Business Development News

PHOTOS: $30M Renovation of Historic YMCA Building Now Complete

Following a year-and-a-half renovation process, the historic Central Parkway YMCA reopened last month, and leaders at Episcopal Retirement Homes, the company overseeing the residential portion of the project, have recently welcomed the project’s first residents.

The $30 million project overhauled the entire 123,000-square-foot structure and was undertaken by Model Group. The upgraded YMCA includes a new saline lap pool, all new equipment, and expanded class offerings. Officials hope the renovated club attracts 1,600 members by the end of the year and eventually reaches 2,000 members.

The building’s upper six floors include 65 residences for seniors, providing much-needed affordable housing in the heart of the center city. A similar partnership has been tried before with the Parkview Place project in Anderson, Indiana, which also consists of affordable senior apartments located above an historic YMCA.

Nearby, scores of multi-million dollar development projects are underway that will add dozens of hotel rooms, hundreds of residents, and tens of thousands of square feet of commercial office and retail space. Such changes are expected to both raise rents and further increase the desirability of Over-the-Rhine, Downtown and the nearby West End neighborhood.

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Arts & Entertainment News Transportation

Public Library Preparing Weekend of Themed Events for Streetcar Grand Opening

Large crowds are expected to descend upon Cincinnati’s center city for the grand opening of what is now being called the Cincinnati Bell Connector following a $3.4 million, 10-year naming rights agreement with the telecommunications company.

Grand opening ceremonies are planned for Friday, September 9 in front of Music Hall in Over-the-Rhine, but special events are planned throughout the entire weekend. The Public Library of Cincinnati and Hamilton County, which has its main branch located along the Cincinnati Bell Connector’s first phase, is getting in on the festivities with a weekend of its own programming.

On Friday, the Public Library of Cincinnati and Hamilton County will host a special exhibit opening for Cincinnati Transportation: Past, Present and Future at 4pm inside the Main Library’s Reading Garden Lounge. Library officials say that the exhibit is free and open to the public, and will stay on display until January 9, 2017 in the library’s Atrium space.

Then, on Saturday, Patricia Van Skaik, the library’s Genealogy & Local History Department Manager, will host a discussion about the lives of Cincinnati’s early streetcar workers. Family Affair: Cincinnati’s Early Streetcar Drivers, Conductors and Mechanics will start at 1pm.

To close out the weekend of themed events, Moving Cincinnati: A History of Trolleys, Cable Cars, Inclines and Streetcars will take place at 2pm. This event will feature a lecture from local historian and author, Robert J. Wimberg, about the transportation history of Cincinnati.

Library officials are particularly engaged with the opening events due to their prominent located along the starter line. In fact, one of the Cincinnati Bell Connector’s stations is located immediately outside of the Main Library at the northwest corner of Eighth and Walnut Streets.

The Cincinnati Bell Connector is the first modern streetcar system of its kind in this region of the country; and it represents a return of surface running rail transit to Cincinnati’s streets after a 65-year absence.