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WHY
IT
IS
THE
WRONG
TIME
AND
PROJECT
FOR
THE
BANKS:
Synopsis
1.
Cities
across
America
are
facing
huge
lawsuits
by
developers
because
construction
projects
have
been
halted
or
delayed
due
to
funding
glitches.
The
current
Banks
proposal
calls
for
moving
forward
with
a
project
that
could
cost
$1
‐
billion
without
secure
funding.
This
leaves
the
City
of
Cincinnati
and
Hamilton
County
open
to
potentially
catastrophic
liabilities.
2.
The
City
of
Cincinnati
currently
lacks
sufficient
revenue
to
maintain
its
infrastructure
and
existing
programs.
Any
“new”
tax
revenue
sources
are
already
needed
to
run
and
maintain
the
city.
We
do
not
have
an
“extra”
$27
‐
million.
We
need
to
properly
fund
our
infrastructure,
parks,
schools,
and
encourage
sustainable
investment
in
our
existing
neighborhoods.
3.
What
is
the
projected,
net
economic
benefit
of
the
Banks?
There
is
no
reason
to
believe
that
this
proposed
project
will
have
ANY
positive
economic
impact.
The
Central
Business
District,
Over
‐
the
‐
Rhine,
and
dozens
of
other
business
districts
throughout
the
city
have
vacant
retail
space.
There
is
no
reason
to
believe
that
additional
retail
space
will
benefit
rather
than
harm
the
business
community
and
the
regional
economy.
4.
This
project
will
impede
existing
efforts
to
revitalize
Downtown,
Over
‐
the
‐
Rhine,
Uptown,
the
West
End,
Northside,
and
Price
Hill.
These
areas
already
vie
for
scarce
resources
and
are
full
of
vacant
buildings
that
could
be
turned
into
marketable
apartments
and
residential
units
if
they
could
only
acquire
the
political
will
and
financial
support.
Funneling
$1
‐
billion
of
public
and
private
resources
to
build
a
new
neighborhood
will
starve
the
existing
ones
–
especially
those
in
the
urban
core
struggling
to
rebuild.
5.
The
money
would
be
better
invested
in
restoration
of
existing
buildings.
Historic
preservation
and
restoration
creates
more
jobs,
more
revenue,
and
more
wealth
than
new
construction.
(See
page
5)
In
addition,
the
existence
and
demolition
of
vacant
buildings
is
costing
the
city
millions
of
dollars
a
year,
plus
the
indirect
costs
of
crime
and
blight.
6.
It
is
unwise
to
create
financial
priorities
that
will
divert
more
investment
away
from
the
things
that
stimulate
economic
growth
and
draw
people
to
the
city.
Arts
organizations,
cultural
events,
and
festivals
are
crucial
economic
stimuli.
They’re
also
what
most
people
in
the
region
value
most
about
Cincinnati.
However,
they
are
currently
struggling
from
serious
budget
cuts.
The
Banks
will
exacerbate
the
loss
of
jobs
and
business
that
will
result
from
more
arts
funding
cuts.
(See
page
4.)
7.
Hamilton
County
would
have
a
more
dramatic
impact
and
produce
a
greater
return
by
investing
in
a
holistic
system
for
social
service
delivery
and
de
‐
concentrating
poverty.
A
recent
Harvard
study
shows
that
modest
policy
changes
can
produce
200%
increases
in
property
values
in
struggling
areas.
Such
an
investment
would
benefit
the
entire
region
and
produce
hundreds
‐
of
‐
millions
‐
of
‐
dollars
of
increased
tax
revenues
without
raising
taxes.
(See
page
6.)
1
8.
Targeted
investments
in
key
neighborhoods
would
also
improve
the
quality
of
life
in
the
city,
decrease
our
expenses,
and
increase
tax
revenue
without
raising
taxes.
Proper
investment
in
Over
‐
the
‐
Rhine,
for
example,
could
realistically
produce
over
$8,000,000
a
year
in
additional
real
estate
taxes,
plus
tens
‐
of
‐
millions
more
in
sales
tax,
businesses
taxes,
and
increased
tourism.
(See
page
8.)
9.
The
Banks
will
do
nothing
to
make
us
“a
destination.”
Nobody
travels
to
a
city
because
it
has
an
Applebee’s
in
a
new
storefront.
Tourism
is
driven
by
the
things
that
make
cities
culturally,
architecturally,
and
historically
unique.
Tourism
is
driven
by
what
sets
you
apart,
not
what
makes
you
like
every
suburb
in
America.
10.
We
are
failing
to
learn
lessons
from
other
cities
and
our
own
past.
As
a
recent
Brookings
Institute
study
notes:
“Too
often,
cities’
economic
development
policies
are
more
about
chasing
after
the
latest
fads
than
strategically
developing
and
implementing
plans
that
capitalize
on
their
unique
assets…The
proliferation
of
stadium
and
convention
center
building
over
the
past
15
years
illustrates
this
trend.
Even
with
hard
evidence
that
such
projects
rarely
pay
the
expected
dividends,
city
leaders
continue
to
pursue
them.”
Cities
fall
into
an
“any
development
is
better
than
nothing”
trap.
“Whether
due
to
a
genuine
hope
that
they
will
beat
the
odds,
a
desire
for
short
‐
term
(e.g.
political
‐
cycle)
returns,
or
simply
a
lack
of
imagination,
these
types
of
practices
allow
local
governments
to
avoid
the
real
challenges
associated
with
fueling
economic
growth
that
is
robust,
sustainable,
and
inclusive
–
challenges
that
they
must
overcome.”
(See
page
4.)
For
more
information,
contact
the
Over
‐
the
‐
Rhine
Foundation
at:
(513)
721
‐
1317,
or
at
1317
Main
St.,
Cincinnati,
Ohio
45202.
The
OTR
Foundation
is
a
non
‐
profit
dedicated
to
protecting
Over
‐
the
‐
Rhine’s
historic
architecture,
preserving
and
promoting
its
rich
history
and
cultural
heritage,
and
encouraging
policies
that
support
responsible
development
and
growth.
2
WHY
IT
IS
THE
WRONG
TIME
AND
PROJECT
FOR
THE
BANKS:
Full
Text.
Some
form
of
Banks
project
has
been
a
central
topic
of
discussion
in
Cincinnati
for
many
years.
With
laudable
effort,
the
project
now
appears
close
to
moving
forward,
but
there
are
many
questions
about
the
wisdom
of
proceeding
with
the
current
plan:
Are
we
going
to
proceed
forward
before
finalizing
funding?
What
are
the
possible
ramifications
of
letting
a
holding
company
develop
the
project?
What
is
the
estimated
financial
benefit
to
the
City
and
how
is
it
determined?
Do
any
proposed
positive
economic
impacts
outweigh
negative
ramifications?
Where
will
the
City’s
portion
come
from?
What
will
need
to
be
cut?
And
how
does
this
fit
into
long
‐
range
planning
for
the
economic
and
cultural
growth
of
the
City
of
Cincinnati?
A
recent
Brookings
Institute
study
entitled
“
Restoring
Prosperity:
The
State’s
Role
In
Revitalizing
America’s
Older
Industrial
Cities
”
examines
the
economic
health
of
302
major
American
cities.
Of
these,
65
cities
are
“lagging
behind
their
peers.”
Cincinnati
is
one
of
the
65
that
is
still
struggling
to
make
a
successful
transition
into
a
modern,
knowledge
‐
oriented
urban
center.
The
result
is
slow
business
growth,
low
incomes,
high
unemployment,
diminishing
tax
bases,
and
concentrations
of
poverty.
However,
most
of
the
Brookings
study
is
cause
for
hope.
Nationally,
more
people
are
moving
back
to
urban
cores.
The
number
of
married
couples
moving
to
downtowns
increased
17
%
during
the
1990’s,
and
the
number
of
25
‐
34
year
olds
moving
to
downtowns
has
increased
90%
from
the
previous
generation.
Further,
the
people
choosing
urban
lifestyles
have
higher
incomes
and
are
better
educated
than
people
who
are
leaving
cities
for
the
suburbs.
While
Cincinnati
has
actually
experienced
a
significant
population
decline
during
this
period
of
urban
growth,
the
Brookings
study
concludes
that
“[our]
moment
is
NOW
to
turn
the
tide.”
A
variety
of
demographic
shifts
and
economic
changes
present
us
with
our
“best
chance
for
a
comeback
in
decades.”
In
fact,
the
study
suggests
that
we
are
in
a
position
to
benefit
from
lagging
being
other
cities.
We
are
too
late
to
be
the
first,
but
we
have
perfect
timing
for
getting
it
right.
We
have
an
opportunity
to
learn
from
the
mistakes
of
others
and
redevelop
our
neighborhoods
in
a
manner
more
consistent
with
market
demands
and
future
trends.
In
fact,
we
need
look
no
further
than
across
the
river
to
find
numerous
lessons.
In
its
rush
to
beat
Cincinnati
to
the
punch,
Newport
has
constructed
a
riverfront
behemoth
that
will
not
sustain.
Newport
On
the
Levy
points
a
windowless
movie
theatre
at
one
of
America’s
most
beautiful
skylines.
Its
parking
garage
holds
all
of
the
challenges
of
a
boxwood
garden
maze
without
any
of
the
amusement.
It
contains
an
unhealthy
balance
of
businesses
uses,
has
no
sense
of
place,
and
is
an
artificial,
disconnected
extension
of
the
city
rather
than
a
central
element
of
revitalization.
Yes,
they
got
it
done,
but
they
got
it
wrong;
and
Newport
taxpayers
will
be
picking
up
the
tab
for
the
mistakes
for
decades
to
come.
Cities
that
are
experiencing
urban
revitalization
have
learned
important
lessons.
They
have
learned
not
to
try
to
replicate
suburban
attributes
in
cities.
They
have
learned
that
large
‐
scale,
fad
projects
bring
a
poor
return
on
investment,
whereas
investing
in
a
city’s
unique
physical
and
cultural
character
is
a
key
to
building
a
sustainable
economy
and
identity.
The
Brookings
Study
concludes:
3
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