THE PORT'S IMPACT 2019

LETTER FROM PRESIDENT & CEO, LAURA N. BRUNNER

2019 was The Port’s 19th consecutive year of improving property value and promoting job creation throughout Hamilton County. 2019 was also the year before our lives were turned upside down by a worldwide pandemic and civil unrest. Both the impact of COVID-19 and the national focus on racial injustice and social inequalities remain very much top of mind for all of us, the latter serving as a reminder to ensure economic inclusion always remains at the heart of everything we do. 


In 2019 we continued our laser focus on helping to strengthen community business, housing, and manufacturing developments throughout the City of Cincinnati and Hamilton County. Our three-pronged revitalization strategies - Industrial Development, Neighborhood Revitalization and Public Finance – guide us in improving economic and community development in Hamilton County.


Let’s take a look back at highlights from each strategic focus area in 2019.

 
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INDUSTRIAL DEVELOPMENT

Hamilton County has a strong manufacturing ecosystem, making it an attractive location for companies searching for a new facility location, but far too much of our industrial real estate lies vacant, underutilized, or contaminated. The Port is working to ensure our region has the sites to compete, preparing land for new manufacturing investment and job creation.

 

2019 IMPACT

Site Readiness

Preparing underutilized manufacturing sites for business retention and attraction

399 jobs &
$29MM capital investment

anticipated impact from 25 acres acquired in 2019

Environmental Stewardship

Taking on challenging sites to abate environmental hazards for the safety of nearby residents and workers

53,367 gallons

of contaminated water recovered and

787 tons

of contaminated soil removed from two former gas station sites in Avondale

Third-Party Project Management

Providing project management and grant administration for municipalities and organizations

Created and managed roadmap for Kao USA, Inc. expansion retaining

525 jobs
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PUBLIC FINANCE

The Port’s Public Finance practice supported 13 transformational projects throughout the region. When completed, these developments will bring an anticipated 750+ jobs and 1,250 new housing units to Hamilton County as well as new office, retail, residential, educational, cultural, and hospitality space.

 

2019 IMPACT

 development finance 

Offering a unique toolset of development finance options for transformative developments.

$360 MM

in financing issued

$553MM

total investment of financed projects

revolving loan funds

Filling a funding gap for housing development and tenant improvements in business districts

10

affordable home rehabs financed through the Housing Revitalization Loan Fund

down payment assistance

Providing homebuyers with down payment / closing cost assistance throughout the State of Ohio

470+

individuals and families assisted

$64MM

in loan volume

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NEIGHBORHOOD REVITALIZATION

At the core of the Port’s Neighborhood work is transformation of blighted and vacant properties into community assets.  We strive to create opportunities for homeownership and entrepreneurship and to support other creative placemaking in communities. From affordable and market-rate housing development, to stabilizing neighborhood business districts, to finding new end-users for vacant property, we work with neighborhood partners to achieve and support their goals.

 

2019 IMPACT

 housing 

Providing housing options across multiple price points ranging from affordable to market-rate

18 homes

built or rehabbed

$3.17MM

value added as a result of home sales

commercial

Delivering modern, development-ready street-front retail where local, independent businesses can thrive.

51

commercial properties impacted

32 anticipated jobs

retained/created through DREAM Loan Fund

landbanking

Putting vacant, blighted properties back to productive use through the Hamilton County Landbank.

182 properties

put back to productive use

$729,668

in tax revenue collected from former Landbank properties

MANAGED ENTITIES

The Port manages three mission-aligned entities - The Hamilton County Land Reutilization Corporation (Hamilton County Landbank), Homesteading & Urban Redevelopment Corporation (HURC), and Greater Cincinnati & Northern Kentucky Foreign Trade Zones (GCFTZ).

 

The Hamilton County Landbank was formed in the aftermath of the Great Recession with the mission of returning vacant properties to productive use. Since 2012, over 550 properties have been sold to new end-users for homes, gardens, offices, and more.

LANDBANK PUTS 182 PROPERTIES BACK TO PRODUCTIVE USE
HURC HAS RECORD YEAR IN 2019, REHABBING 11 HOMES

The Homesteading & Urban Redevelopment Corporation (HURC) was established in 1976. HURC is dedicated to improving the quality of housing stock and increasing affordable homeownership opportunities by providing quality single-family homes with minimal overhead.

The federal Foreign Trade Zone (FTZ) Program began in 1934 to provide companies a competitive edge in the global marketplace. FTZs 46+47 encompass 8 counties in Greater Cincinnati and Northern Kentucky.

FTZs 46 + 47 PROVIDE BENEFITS TO 10 OPERATORS EMPLOYING OVER 3,500 PEOPLE.
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REAL ESTATE EQUITY

The Port’s work focuses on equitable development to promote job creation, improve property value, increase homeownership, and achieve the highest and best use of real estate. Real estate is a key driver of both economic outcomes and quality of life, and we always consider how can we do more within our scope to expand access to local opportunity through real estate.

 

Working with Local Minority-Owned, Women-Owned, and Small Businesses to Make Real Estate Work

FINANCIALS

 

Revenue & Capital Funding Sources

In 2019, The Port and its managed entities raised and earned $26 million. Our percentage of revenue coming from property sales and earned fees increased over the previous years.

How & Where We Deployed Program Funds

In 2019, The Port and its managed entities made capital investments of $18 million into Hamilton County properties and programs.
While we concentrate efforts in specific focus neighborhoods to catalyze larger impact, we work throughout Hamilton County. Last year alone, our work impacted 44 neighborhoods and jurisdictions. 

Capital Fundraising

In 2019, The Port leveraged public funds with additional grant and loan funding, raising $7,100,000.

Our Operating Revenue Sources

The Port has continued to diversify its revenue sources, relying less on public operating funds. In 2019, public funding made up 8% of our total operating revenue as opposed to 17% in 2018.

AFFIRMING OUR WORK

The Port conducted a survey of 400 Hamilton County residents in Spring of 2019. The results provide insight into the top concerns of residents and what areas should be our highest priority to make real estate work.

 

Stay Up to Date Throughout the Year

Sign up for The Port's Newsletter, and receive updates on how we're making real estate work throughout Cincinnati & Hamilton County, Ohio.

THE PORT'S 2019 IMPACT REPORT
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The Port of Greater Cincinnati Development Authority was formed in 2000 to stimulate growth of the regional economy. Partnering with the City of Cincinnati and Hamilton County, the Port works to redevelop manufacturing and residential communities to build the foundation of job creation and livable, viable communities where residents can experience economic prosperity. The Port is governed by a Board of Directors appointed by the City of Cincinnati and Hamilton County.

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info@cincinnatiport.org

Tel: 513-621-3000

3 East Fourth Street

Cincinnati, OH 45202

© 2020 by The Port