How Will Money Be Used?
How Would The City Use The Lump-Sum Payment?
Under the proposed deal, the City would receive an upfront $92 million payment, in addition to ongoing payments.
The upfront payment could be used to:
- Jumpstart the I-71 MLK Interchange. A key access point to the center of the city and the neighborhoods of Clifton, University Heights, Fairview, Clifton Heights, Mt. Auburn, Avondale, and Corryville, this project will bring 5,900-7,300 more jobs to the City, as well generate $33 million in additional revenue to the City for services by opening up access to this key job center. This is a $20 million city investment now for a long-term revenue stream. The City will be asking the State of Ohio for $40 million to make this happen so construction could begin by 2014.
- Add $4 million to the continuation of Smale Riverfront Park. As the crowds head to the riverfront for the 2015 All-Star Game, we want our riverfront park to be at it best. This money would help build the Vine Street Fountain, the Carousel and Carousel building just in time for us to take the national stage.
- Convert the Tower Place Mall into parking structure with first floor retail and the Pogues Garage into 30-story mixed use residential high rise with a first floor grocery store. This would also have 300 luxury apartments as well as parking to support the grocery to make it most convenient for downtown workers and residents alike. This $12 million investment from the parking funds would leverage $82 million in private investment.
- Further the City’s Cincinnati Bicycle Transportation Plan by acquiring the Wasson Line Right-of-Way for the development of a bike trail. This would positively affect the residential, commercial, educational and recreational quality of life in the neighborhoods of Evanston, Hyde Park, Mt. Lookout and Oakley.
- Add $6.3 million to the City’s reserve account. This will help to bring the City’s savings in this account to its goal of 8% -- a move our bonding agencies will view favorably.
- Help balance the 2014 and 2015 budgets against deficits with $25.8 and $20.9 million respectively.