Tuesday, February 01, 2000
Deal revives deck for Fort Washington Way
Businesses, county will chip in $4M
BY DAN KLEPAL
The Cincinnati Enquirer
The deadline came and went. The money went, then came. An on-again, off-again idea to lay a steel foundation for a three-block covering atop Fort Washington Way is on. Again.
Cincinnati City Council voted Monday to spend $10 million out of the city's general fund so that steel beams can be purchased and shipped into town by the end of the week.
But the city will get some of that money back, like this: $2 million from Hamilton County government and another $2 million from private businesses.
Those commitments made the difference with a majority of council.
Less than two weeks ago, it appeared the pilings would be thrown on the scrap heap after Hamilton County and state officials said they could not afford to chip in.
But the project's fortunes changed Monday.
“The business community has shown a different way to do business, that you can lead with your money and share in the risk with the public,” Councilman Todd Portune said.
Construction on Fort Wasington Way.
(Glenn Hartong photo)
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And the risks are considerable.
The beams, known as “pilings,” will be laid now in hopes that someday they will hold a three-block span over the thoroughfare connecting the downtown business district to a 70-acre park, shops, restaurants, housing and two sports stadiums along the riverfront.
But the pilings are only the first step. In about five years it will cost another $46 million to build the span and plant grass and trees on top of it.
No one can say how that part of the project will be paid for.
And, as Councilwoman Alicia Reece pointed out, there are no signed contracts assuring the city that the $4 million is forthcoming from any of its partners.
Ms. Reece was the only person on council to vote against spending the money. Councilman Charlie Winburn was absent.
“You take a risk because if those dollars don't materialize, there are no written agreements,” confirmed City Manager John Shirey. “We have to go forward on a basis of faith.”
Cincinnati Mayor Charlie Luken has plenty.
Although Mr. Luken said he doesn't know how many private contributors there are — or even who was contributing the largest share of the money — he told council members they can bank on the money being there.
Cincinnati financier Carl Lindner was the catalyst for the deal, Mr. Luken said.
Sources close to Mr. Lindner would only say his contribution was “six fig ures.” The Cincinnati Bengals also contributed $250,000.
The mayor said other business leaders — such as Western-Southern Life Insurance Co. President John Barrett, Milacron Inc. CEO Dan Meyer and Fifth Third Bank President George Schaefer — also helped broker the deal.
“I can say the money will be there because I heard that from people I've done business with in this city for 30 years,” Mr. Luken said.
Mr. Luken said he was contacted last Tuesday by Mr. Linder, who expressed interest in the covering for the first time. Although on vacation, the mayor spent the better part of the week on the telephone trying to arrange the deal.
“Clearly, Mr. Lindner's involvement had a lot to do with holding the players together,” the mayor said.
Meanwhile, Hamilton County may tap into sales tax revenue to cover its $2 million share.
Hamilton County Commissioner Tom Neyer confirmed Monday that the half-percent sales tax increase, passed by voters in 1996 as a way to finance the two sports stadiums, could be used to help pay for the covering.
“There are a number of financing vehicles we'll go over with our administration during the coming weeks,” Mr. Neyer said. “And we'll devise the most appropriate structure.”
That doesn't sit well with Cincinnati attorney Tim Mara, who fought against the sales tax increase. He said it is not at all appropriate to use tax money voters decided to give for a stadium for a lid on Fort Washington Way.
“The commissioners are very creative and have ways to tie in any construction with the stadiums, no matter how tenuous,” Mr. Mara said. “As long as it's down there by the river, they'll tie it in.”
Not having the covering over the newly reconfigured Fort Washington Way would have seriously compromised The Banks rverfront development plan because there would be less interest from developers, said Jack Rouse, chairman of Riverfront Advisers Commission, which drew up the plan.
“The biggest thing this does is send a sign to the development community that we have turned the page in terms of our ability and willingness to work together,” Mr. Rouse said.
And pounding the 750 pilings into bedrock along Fort Washington Way now, while it's already torn up, will save about $14 million. But in order to stay on schedule for the August completion date, crews have to begin working on the pilings almost immediately.
Fred Craig, lead consultant on the Fort Washington Way project, said the work will get done — and on time.
“We'll just have to be more efficient, and a little creative,” Mr. Craig said.
Mr. Shirey said the city's $6 million share will be financed with bonds — probably costing taxpayers about $500,000 a year for around 10 years.
The city manager said he expects those bonds to be issued in the “near future.”
Cliff Peale contributed to this report.
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