Tuesday, November 02, 1999
Riverfront plan called good idea
But county won't OK funds for The Banks
BY DAN KLEPAL
The Cincinnati Enquirer
Hamilton County commissioners love the riverfront development plan called The Banks, but they aren't willing to kick in $56 million of future sales tax revenue to help pay for it.
A panel of county staff and consultants has been studying the $248 million central riverfront development proposal since it was unveiled by the Cincinnati Riverfront Advisory Commission on Sept. 30.
The idea behind The Banks is to transform the concrete riverfront of today into a green riverfront of tomorrow — one that combines shops, restaurants and offices just north of a proposed $71 million park, with the sports stadiums acting as bookends.
The financing plan to pay for the development called for Hamilton County to issue $56 million in bonds, which would then be paid off with the half-penny stadium sales tax.
Members of the Riverfront Advisory Commission said the sales tax would cover the additional bonds — called subordinate bonds — if the county's economic growth were calculated at 3.56 percent, rather than the 3 percent model the county currently is using for the bonds to be issued for the baseball stadium.
But the county shot down that portion of the financing plan on Monday, saying there will be no money left over when the county finishes paying for the stadiums, parking garages and its portion of the Fort Washington Way reconstruction.
“All of the sales tax revenues are being used at this point,” said Suzanne Burke, the county's budget director.
Ms. Burke also said the county's credit rating would suffer if it were to issue more bonds and increase the need for revenue to cover them.
“Fair market will only allow us to access debt if the revenues are conservatively projected,” said Ms. Burke, who added that subordinate bonds already are being used to pay for parking garages. “Our current plan requires 3-percent growth and, in the earlier years, 5-percent growth.”
Jack Rouse, chairman of the Riverfront Advisory Commission, said he was “happy” with the presentation, despite the $56 million hole shot through the financing plan.
“There are many funding concepts we're prepared to work with,” said Mr. Rouse, who said he would like to have a viable financing plan in place by January.
County staff went through each of the 10 recommendations put forth by the Riverfront Advisory Commission, saying most are right in line with the county's vision of the riverfront.
In fact, the issues addressed by The Banks aren't very different from a riverfront development plan unveiled in 1948, which called for the elimination of the flood problems, creation of parking, increasing the tax base and creating a “front yard” to the city.
County Commissioner Bob Bedinghaus said difficulties and questions about feasibility and timing have come with building the two stadiums, parking garages and the reconstruction of Fort Washington Way.
Those things will be accomplished despite the problems, and The Banks should be no different, he said.
“Funding, feasibility and timing schedules don't equal insurmountable problems,” Mr. Bedinghaus said. “If we approach it that way, we may well walk away leaving a legacy.”
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