Port Authority to get $160M in funds for economic development

A majority of Cincinnati City Council members have signaled their support for a proposal to provide $160 million to the Port of Greater Cincinnati Development Authority so it can act as the city’s “exclusive authorized agent” for economic development.

Under two motions signed by five members of council, the port would receive $1 million in city capital funds in 2011 and 2012. For the next 15 years after 2012, the port would receive 50 percent of all revenue the city receives from a new Harrah’s Entertainment casino at Broadway Commons. The city is projected to receive about $21 million annually from casino operations. So, the total amount pledged to the port under the motion would be nearly $160 million over 17 years.

“The Port Authority will become the catalytic development corporation tasked with concentrating development expertise and financial resources required to implement Go Cincinnati, creating jobs and private investment in the city of Cincinnati,” said the motion signed by council members Jeff Berding, Chris Bortz, Leslie Ghiz, Charlie Winburn and Chris Monzel. The port authority is currently Hamilton County’s lead agency for brownfield redevelopment and bond financing activity.

The motion was approved at a special meeting of city council’s Strategic Growth committee Monday. It was forwarded to the full council for consideration Wednesday.

The motion calls for the port authority to get its first installment of city funding following a national search for an executive director. The port authority is currently headed by President Kim Satzger. The motion also calls for the new development authority to be involved in land banking, site assembly, project financing, real estate management and development of green infrastructure. It calls for the city manager and port authority board members to submit a contract and funding plan to city council by November 15.

The GO Cincinnati (GO stands for Growth and Opportunities) plan is an economic-development blueprint that was formulated by the Brookings Institution and funded by the city and local business groups. It calls for the city to make strategic investments in growth corridors and specific industries and expand private investment through the establishment of development corporations and a regional development authority.

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