D ELIVERING D ECADES OF D EVELOPMENT A UGUST 13, 2019 1
Cincinnati – Pre Redevelopment 2
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1998 City-County Redevelopment Agreement 4
Setting the Stage 2008: Paul Brown Stadium, Great American Ball Park, Freedom Center, Intermodal Access, Transit Facility Network and Related Infrastructure Improvements 5
A NNUAL E CON OM IC I M P ACT OF F IRS ONOM I T D ECADEOF R IVERFRON ONT R EDEVELOP OPM ENT Paul Brown Stadium, US Bank Arena, Great American Ball Park, National Underground Railroad Freedom Center Annual Impact: $ 552,000,000 6
2008-2018: A D ECADE OF D EVELOPMENT 7
Phase I @ The Banks 8
The Banks – Phase I Banks Phase I Public Infrastructure Costs 77% Local Funds State Funds Banks TIF Generated Funds 2% 6% Federal Funds 15% City-County Funds 77% 9
The Banks – Phase II City & County Mandate - Developer Investment in Podium Structure to Support Office Tower $160 Million Private Capital Investment in Phase II 10
The Banks – Phase II 11
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Phase II @ The Banks ± $ 3 0 MM P UBLI C I NVESTMENT Y I ELDS $ 16 0 MM P RI VATE C API TAL $6M Local Funding $24M Federal/ State $30M TOTAL 1:5 Public/ Private Return on Public Investment 1:26 Local Public/ Private Investment 13 13
Economic Impact - Jobs 14
The Economic Benefits of Smale Riverfront Park • The Park brings 1.1 million new visitors to downtown and the riverfront annually 15
2013 5,000 $1.7 Billion 16
A NNUAL AL E CONOMIC I M P ACT OF R IVERFRO RONT R EDEVELOPMENT Paul Brown Stadium, US Bank Arena, Great American Ball Park, National Underground Railroad Freedom Center: $552M The Banks/ Smale Riverfront Park: $1.2B Annual Impact: $1,752,000,000 17
Joint City-County Economic Inclusion And Responsible Bidder Policies 18
The Banks - Phase III 19
ST P Grant C MAQ Grant A RRA Funding S INCE 2008, T HE P UBLIC P ARTIES HAVE S ECURED Private Urban Grant Park Grant Park EDA Grant Redevelopm ent Capital FTA Funding Funding SI B Loan Loan Grant Earm ark $96.6 M ILLION IN F EDERAL /S TATE F UNDING D ev eloper Private Funding • T I F Funding • Bank s Park ing • T I F Funding Rev enues • C apital A llocat ion • Sales T ax • Priv ate Cont ribut ions 20
Tax Increment Financing P HASE II & III P ROJECTS P HASE IA $34.2M P HASE IB P ROJECTS 21
Developer Payments to City/County P HASES I & II $7M P HASE III P ROJECT 22
Innovative P3 Funding and Financing Structure County/City develop The Banks as a nationally recognized model P3 that leverages public dollars to obtain significant economic development transforming a formerly blighted riverfront Creatively seek and marshal more than 25 funding sources from Federal, State, Private 77% City/County Developer and Banks Development Local Funds generated sources to fund public infrastructure Shift burden of County/ City “local” funding of all necessary public infrastructure 100% Non- City/County General Revenue 23
The Banks Phase IIIA $30 Million 710 parking spaces Designed to accommodate 10-12 stories of development ±500,000 sq. ft. of mixed use development 24
Proposed ±$85M M M ixed-Use Development of Lot 24 Residential Theater Entertainment Office Retail Health Club Facilities 418,000 sq ft Total 25 25
The Banks - Phase IIIB 26
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Inviting Pedestrian Entrance Splayed roof toward River and Covington Transparent circulation spine 28
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Phase IIIB Construction Impact: $60M Public Infrastructure, Music Venue, Smale Park – 2019-2020 T OTALECONOM IC I M PACT C ONSTRUCTION I MPACT $100M M Hami lton County D IRECT Jobs 254 Earni ngs $13,896,000 Al l Spending $67,537,000 I NDIRECT Jobs 139 Earni ngs $6,079,000 Al l Spending $440,095,000 T OTAL J obs 393 Earnings $19,976,000 All Spending $99,610,000 30
M usic Venue and Greenspace – Economic Impact $25M M A NNUAL R EGIONAL E CONOMIC I MP ACT 31
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Construction Economic Impact – $90M 180 Walnut T OTAL E CONOM IC C ONSTRUCTION I MPACT I M PACT $144M Hami lton County D IRECT Jobs 371 Earni ngs $20,010,000 Al l Spending $97,345,000 I NDIRECT Jobs 207 Earni ngs $8,661,000 Al l Spending $47,056,000 T OTAL J obs 578 Earnings $28,672,000 All Spending $144,402,000 34
180 Walnut Annual Economic Impact T OTAL A NNUAL O PERATIONS A NNUAL O PERATIONS I MPACT I M PACT $708M M Hami lton County D IRECT Jobs 1,400 Earni ngs $113,192,000 Al l Spending $496,539,000 I NDIRECT Jobs 1,200 Earni ngs $51,600,000 Al l Spending $196,642,000 T OTAL 2,600 J obs Earnings $168,818,000 All Spending $708,524,000 35
Ohio’s Ohio’s Ohio’s Ohio’s Ohio’s Ohio’s Southern Southern Southern Southern Southern Southern Gateway -1997 Gateway -1997 Gateway -2025 Gateway -2019 Gateway -2025 Gateway -2019 36 36
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C OUNTY B OARD I NITIATIVE E NSURESTHE S USTAINABILITY OF P AUL B ROWN S TADIUM , G REAT A M ERICAN B ALL P ARK AND T HE B ANKS 38
Reality of Aging Stadia 39
7 New Stadia Developed since 2009 – Average Cost $1.7B A TLANTA – M ERCEDES B ENZ S TADIUM : $1.6B S AN F RANCISCO – L EVI ’ S S TADIUM : $1.3B N EW J ERSEY – M ET L IFE S TADIUM : $1.6B D ALLAS – AT&T S TADIUM : $1.3B L AS V EGAS – N EW H OME OF R AIDERS : $1.8B L OS A NGELES – N EW H OME OF C HARGERS & R AMS : $3B M INNESOTA – US B ANK S TADIUM : $1.6B 40
NFL Stadium Renovations: 2007-2018 Arizona Cardinals State Farm Stadium 2018 $100MM M iami Dolphins Hard Rock Stadium 2015-2017 $500MM Baltimore Ravens M&T Bank Stadium 2017 $144MM LA Rams Los Angeles 2018-2019 $300MM Buffalo Bills New Era Field 2014-2018 $130MM Coliseum Carolina Panthers Bank of America 2017 $87MM New England Patriots Gillette Stadium 2017 Undisclosed Stadium New Orleans Saints Mercedes Benz 2010-2011 $210MM 23 Stadia Cleveland Browns FirstEnergy Stadium 2014 $120MM Superdome Dallas Cowboys AT&T Stadium 2015 Undisclosed Pittsburgh Steelers Heinz Field 2014-2018 $34MM Average Renovation and Enhancement Costs: $160M M ; Denver Broncos Broncos Stadium 2013 $32MM Philadelphia Eagles Lincoln Financial 2014 $131MM Detroit Lions Ford Field 2017 $100MM Field M ore Recent Renovations Average $360M M Green Bay Packers Lambeau Field 2013 $130MM San Francisco 49rs Levi’s Stadium 2015-2018 TBD Houston T exans NRG Stadium 2016 $50MM Seattle Seahawks CenturyLink Field 2015 Undisclosed J acksonville J aguars TIAA Bank Field 2018 $90MM Washington Redskins FedEx Field 2000-2012 TBD Kansas City Chiefs Arrowhead Stadium 2007-2010 $375MM T ampa Bay Buccaneers Raymond James 2017 $160MM Stadium 41
Aging PBS – Economic Reality County Invests in Capital Repairs Through 2026 to Ensure the Integrity of PBS County T axpayer’s Required §13.9 Payments to Bengals - $30 M illion Eliminated Potential Lease-Required Enhancements Deferred to 2024 Average Cost of NFL Stadia Renovations $170M -$360M New Stadia Construction Averages $1.7B 42
A T F ULL B UILD O UT OF T HE B ANKS , W HICH I NCLUDES B OTH GE G LOBAL O PERATIONS C ENTER AND 180 W ALNUT T OWER , T HE B ANKS G ARAGE F ACILITIESARE AT C APACITY 43
Riverfront Redevelopment Expands West 44
Hilltop Campus Relocation Spurs Economic Development in Queensgate and Lower Price Hill E XISTING H ILL TOP C AMPUS 45
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Founded in Cincinnati, Ohio in 1941 Family-Owned Celebrated 75 years in 2016 Employs 104 in Cincinnati, Ohio Today Hilltop owns and operates three quarries, four distribution terminals and three Ready Mixed Concrete plants, including the largest concrete plant in the region 47
Paul Brown Stadium Great American Ball Park Fort Washington Way Hilltop Builds the Region Great American Tower The Banks Smale Riverfront Park Jack Casino Cincinnati Streetcar Project The Ascent 312 Walnut Building RiverCenter I and II Daniel B. Carter Bridge (I-471) Taylor Southgate Bridge Miami Fort Power Plant Zimmer Power Plant University of Cincinnati (numerous projects) Xavier University (numerous projects) Children’s Hospital (numerous projects) Northern Kentucky University (numerous projects) Lick Run Project MLK Interchange Hopple Street Interchange Newport on the Levee 48 IRS Building -Covington Kenton County Administration Building
H ILLTOP Q UEENS GATE C AMPUS - O PTION 4 A S P RES ENTED TO C ITY J UNE 6, 2019 & J ULY 29, 2019 P ROPE RTY C ONVE YANCE Hilltop purchases West M ill Creek Site (2.3 acres above water) and conveys to City for Price Landing Park purposes City conveys East M ill Creek Site (2.1 acres above water) to Hilltop; Hilltop off-loads materials only; no manufacturing Hilltop Concrete Plant Operations Located on 9 acre Queensgate Parcel – “Sixth Street Yard” Purchased by Hilltop 49
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Land Swap No $$ By City 51
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E XISTING 6 TH S TREET Y ARD 53
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