Thursday, February 14, 2002
Pepper brokers compromise deal between ReStoc, city
By Gregory Korte
The Cincinnati Enquirer
Councilman David Pepper succeeded Wednesday in pulling off what seemed impossible just two weeks ago: getting Cincinnati City Council to agree on a course for low-income housing in Over-the-Rhine.
City Council approved a deal, brokered by Mr. Pepper, that will allow the non-profit housing group ReStoc to move forward with a 30-unit project on Vine Street but at a price.
The agreement severely limits ReStoc's ability to acquire, stockpile and keep vacant Over-the-Rhine real estate, activities that have long led to criticism of the 26-year-old housing group.
There's obviously been a lot of concerns raised about the future of Over-the-Rhine, the future of Vine Street, and ReStoc's involvement in that future, Mr. Pepper said. I hope people see this I certainly do as a great step forward for everyone involved, and particularly for the mayor's vision for Vine Street.
The agreement follows weeks of debate on the Race Street Tenant Organization Cooperative in Over-the-Rhine. City Council was ready to vote last week to back out of a $770,000 contract with ReStoc, but held off while Mr. Pepper brokered a compromise.
Under the agreement, ReStoc must:
Sell at least 10 buildings, and use the profits to fix up others.
Commit not to buy any more buildings through 2010.
Redirect the group's focus toward home ownership.
Cooperate with the city in developing business activity on Vine Street.
Agree to hire a professional property manager for the Vine Street project.
The vote to approve the ReStoc contract was 8-0. Pat DeWine abstained because a member of his law firm was involved in the negotiations.
Mr. Pepper won accolades from his council colleagues for managing the compromise, but not everyone was completely happy.
I don't necessarily see cause for celebration. I think David just made the best of a bad situation, said Councilman John Cranley.
ReStoc supporters weren't overwhelmingly happy with the deal, either. But their comments were muted.
We are an organization that you can depend on us doing what we say we're going to do, and we would like the support of City Council to make sure that will happen, said ReStoc board Chairman Roger Auer.
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