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.
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.
Preparing underutilized manufacturing sites for business retention and attraction
399 jobs &
$29MM capital investment
anticipated impact from 25 acres acquired in 2019
Taking on challenging sites to abate environmental hazards for the safety of nearby residents and workers
of contaminated water recovered and
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
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.
Offering a unique toolset of development finance options for transformative developments.
in financing issued
total investment of financed projects
revolving loan funds
Filling a funding gap for housing development and tenant improvements in business districts
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
individuals and families assisted
in loan volume
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.
Providing housing options across multiple price points ranging from affordable to market-rate
built or rehabbed
value added as a result of home sales
Delivering modern, development-ready street-front retail where local, independent businesses can thrive.
commercial properties impacted
32 anticipated jobs
retained/created through DREAM Loan Fund
Putting vacant, blighted properties back to productive use through the Hamilton County Landbank.
put back to productive use
in tax revenue collected from former Landbank properties
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.
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
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.
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.