07-01-2010 :: Washington Park approved by City Council
UPDATED JUNE 30, 2010
NEWS RELEASE
Contact:Kelly Leon
VP for Communications & Community Relations
513-621-4400 ext 113
513-235-3836 (cell)
kleon@3cdc.org
Date:25 June 2010
WASHINGTON PARK RENOVATION AND EXPANSION PROJECT
UNANIMOUSLY APPROVED BY CINCINNATI CITY COUNCIL
Public-Private Partnership will transform premier urban greenspace
The long awaited and long overdue facelift of Over-the-Rhine’s (OTR) Washington Park is closer to groundbreaking.Members of Cincinnati City Council approved a portion of the public funding on Wednesday June 30, following approval by finance committee on Monday June 28.
The City funding request includes a $2 million capital grant, $500,000 from the Metropolitan Sewer District (MSD) and $11.5 million from the Downtown/OTR East Tax Increment Financing (TIF) District.The OTR East TIF district was formed in 2003 to include 300 acres of land in downtown and OTR that captures a portion of the incremental increase in real estate taxes and allows them to be used for improvements in those areas.The park is located across the street from Music Hall and extends from 12th Street to 14th Street and Race Street to Elm Street.
The total cost of the Washington Park project is $47.3 million, with $20.3 million dedicated to the park and $27 million to the garage.The funding will include $25.5 million in private support and $21.85 million in public support, including the $14 million pending Council approval.
The project is a partnership between the Cincinnati Park Board and 3CDC.The park will expand from six to eight acres.Nearly an acre will be dedicated to a state-of-the-art, interactive water feature and children’s play area.The park plan also calls for retaining historic features, such as the bandstand, while adding performance stages, additional green space including a 37,000 square foot civic lawn (size of a football field) and a 450-space underground parking garage.(See detailed list of park amenities in attached fact sheet.)
The Washington Park project is an important and critical next step in the overall, on-going renaissance of Over-the-Rhine.This investment will return the park to its original stature as a beautiful, safe, public, green space with a variety of features for all neighborhood residents as well as visitors to enjoy.
The proximity of Washington Park to Music Hall, the new School for Creative and Performing Arts, the Art Academy of Cincinnati, the Ensemble Theatre and other arts venues, combined with the historical significance and Italianate architecture of OTR, will make the Park an entertainment and arts destination locally, regionally and nationally.It will stimulate additional private economic development, which will further improve the quality of life for the neighborhood and its residents.
City Council will vote on construction and funding agreements that will allow 3CDC, through a wholly owned subsidiary, Washington Park Restoration, LLC to construct the park and the garage.The renovated and expanded Park will still be owned by the City.
In addition, the project will receive public support from the State of Ohio: $5 million State of Ohio Department of Development Urban Redevelopment Loan and $2.85 million State of Ohio Capital Grant.
Private support includes the following:
$12.9 million Bank Equity Investment
$3 million Bank Loan
$4.5 million Cincinnati Equity Fund II Loan (Cincinnati Corporate Funders)
$1 million The P&G Fund of The Greater Cincinnati Foundation
$350,000 Carol Ann & Ralph Haile U.S. Bank Foundation (The Haile foundation has also provided a $150,000 grant for park programming.)
Under this public/private financing plan there is still a shortfall of $3.75 million. The additional private funds are being sought through philanthropic sources.(See detailed funding breakdown in attached fact sheet.)
The Washington Park project will create an estimated 920 construction jobs and bring about the development of surrounding vacant properties, similar to what resulted after the renovation of Fountain Square.To date, the Fountain Square renovation has spurred $125 million in additional private investment in Cincinnati’s Central Business District.
Since 2005, 3CDC-led developments in OTR have resulted in investments totaling nearly $108 million in total development costs.This investment has come in four phases in a section of OTR called the Gateway Quarter.Phase IV is underway.Phases I-IV includes 246 residential units (202 condos and 44 rental units) and just over 121,000 square feet of commercial space. The full build out of Phase IV will bring an additional 26 condos, 127 rental units and almost 29,000 square feet of commercial space.
Pending City Council approval, the construction on the park will begin late summer 2010, following the selection of a general contractor.The expansion and renovation is expected to be complete by the end of 2011.
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“The Cincinnati Center City Development Corporation (3CDC) is a private, non-profit corporation.Its mission is to revitalize Cincinnati's CenterCity as a regional center of high value employment and real estate by developing a diverse mix of housing, culture and entertainment. It was formed in July 2003 as part of the overall system to increase the effectiveness and efficiency of development activities in the City as recommended by The Cincinnati Economic Development Task Force. 3CDC is funded privately through business contributions, foundations and other philanthropic sources.For more information, visit www.3cdc.org.”
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