Tag: economic

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Business News

Park+Vine to celebrate new location, expanded business operations

Park+Vine, Cincinnati’s first green general store has moved from its namesake location to 1202 Main Street in historic Over-the-Rhine. After more than three years of operation at the corner of Central Parkway and Vine Street, owner and proprietor Dan Korman decided it was time for a change.

“We had really outgrown the [former] space, and wanted to expand in a more diverse way,” Korman explained after stating he had signed a ten-year lease on the space. “The extra room allows for an expanded grocery area including frozen food and a bulk food section; a drink bar with seating area; a designated classroom space; and an outdoor patio.”

The 2,760 square-foot location previously occupied by Kaldi’s coffeeshop and bookstore will also have expanded hours and employees. Korman has added six new employees to his five person staff, and has increased the store’s hours of operation by 37 percent over the course of the week.

Korman also says that sales per-hour at the new location are slightly higher than its previous location in the first three weeks even before the office opening of the store’s drink bar.

“Being open more hours allows for residents to utilize the space as more of an everyday shopping experience, be it grabbing an early morning coffee or stopping by in the evening to pick up dinner ingredients or a suddenly needed roll of recycled content toilet paper.”

Beyond the business opportunities, the new Main Street location also offers an opportunity to more successfully integrate with the Over-the-Rhine community.

“Park + Vine is simply tapping into renewed interest and investment along Main Street. We’re seeing a lot of cross-over from neighboring businesses and far more evening traffic from people who live along Main Street and in Prospect Hill,” Korman explained. “The Shift from Vine to Main appears to be relatively easy for most people. They are excited about the renewed energy of Main Street and how businesses, organizations and residents are committed to supporting one another, as well as other areas of the neighborhood.”

The new location has been open now for several weeks, but the store is celebrating with a Grand Reopening Party this Friday, October 29, from 6pm to 10pm, to coincide with many other neighborhood events kicking off the Halloween weekend. Korman says that the celebration includes food from local vegan-friendly spots, drinks from Market Wines, music by Josh Eagle and Liz Bowater, and guest baristas demonstrating Park+Vine’s Hario coffee drip machine.

Park+Vine artist, Angie Unger, will also unveil her paintings and chandeliers using re-purposed materials from Zero-Landfill Cincinnati Project. Nearby, Share Some Sugar will be hosting a Halloween Costume Swap, and MOTR will throw an after-party. Five percent of every purchase at the Grand Reopening Party will be donated to ArtWorks.

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Business Development News Politics Transportation

Free interactive workshop at Union Terminal to gather public input on transportation investments

Ohio officials kicked off the first of eight state-wide public workshops yesterday in Columbus. The interactive workshops are structured to get resident input on public policy surrounding transportation investment.

The second of eight meetings will be held in Cincinnati today at Losantiville Cafe inside the famous Union Terminal building. At today’s free event guests will be treated to presentations by Cincinnati Vice Mayor Roxanne Qualls and John Deatrick who will discuss the economic development impact of The Banks development for which he is overseeing.

Ohio Department of Transportation (ODOT) organizers say that part of the focus will be on how to better create jobs through transportation investments. Officials say that the discussions are part of ODOT’s Go OHIO Transportation Futures Plan which is examining how the state invests in all modes of travel and shipping including highway, air, rail, transit, water, pedestrian and bicycle. From there officials hope to better align those various modes of transportation investments with job creation, economic development and overall quality of life.

“Transportation has always been a driver of jobs and economic development for Ohioans,” described ODOT director Jolene M. Molitoris.

The U.S. Department of Commerce reports that approximately eight percent of Ohio’s private sector jobs was linked to the manufacture of exported goods in 2008, with approximately $45.6 billion in total export value during the same time according to data from the U.S. Census Bureau.

ODOT officials believe that the state’s seventh highest ranking nationally for value of goods exported to international markets, the nation’s fourth largest interstate highway system, the fourth most tonnage of goods moved through its waterways, and the third most active freight rail mileage in the nation speak highly to the ability to leverage transportation investments into economic development.

“The timing for this effort couldn’t be better with a report out of Washington showing that infrastructure investments can and will raise economic growth and productivity,” said Molitoris.  “Low construction costs mean we can do more than ever before with our resources and at the same time create more good-paying Ohio jobs.”

The free event at Cincinnati Union Terminal (map) will take place from 6pm to 8pm with registration at 5:30pm. Reservations are not required, but those interested in attending are encouraged to RSVP by emailing go.ohio@dot.state.oh.us.

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News Politics Transportation

Metro officials balance 2011 budget, spare riders fare increases and service cuts

Metro officials have announced that fares will not rise, and service will not be reduced in 2011.  The news comes as the transit agency faces declining ridership, and many feared that more fare increases or service cuts would be on the way.

In August, Metro restored service to a portion of Lower Price Hill that had previously fallen victim to an earlier round of service cuts.  Now, the transit agency says that they have been able to balance their upcoming $86.5 million budget thanks to newly announced funding from the Ohio Department of Transportation (ODOT) that is programmed to help with capital costs.

“Currently, Metro’s 2011 budget is balanced by using capital funding to help pay for operating expenses,” said Thomas Hock, Interim CEO & General Manager of Metro.  “The new funding from ODOT will allow us to shift those capital dollars back to their intended use for critical capital projects, with no negative impact on service.”

The $4M funding allocation from ODOT came through the department’s 21st Century Transit Partnerships for Ohio’s Next Generation which distributed $50 million in 2011 to transit systems across the state.

Metro officials warn that even though the 2011 budget appears to be in order, that future fares and service structures will continue to face pressure.  Leadership says that while fares have stabilized, insufficient funds exist for capital projects like the replacement of buses beyond their 12-year useful life.

“We have examined every expense and tightened spending for the coming year to preserve service for our customers and keep fares at their current level,” Hock explained.

The proposed 2011 budget will go before Cincinnati’s City Council who would provide approximately 45 percent of Metro’s 2011 budget through the city’s earnings tax revenue.

The One for Fun:
Metro officials have also announced that Hollywood Casino Lawrenceburg will sponsor the new Route 1 bus service.  The partnership will include naming rights to the route in addition to typical bus advertising including promotions for Hollywood Casino on the back of each of the four, 30-foot hybrid buses on the route.

“As a tax-funded organization, this type of partnership is important to help Metro better serve the community,” said Dave Etienne, Metro’s Marketing Director.  Meanwhile, leaders at Hollywood Casino see the partnership as one that will help benefit their bottom line.

“As part of the Cincinnati business community, Hollywood sees this partnership with Metro as an opportunity to connect residents and visitors to some of Cincinnati’s best attractions,” said Tony Rodio, Hollywood Casino Lawrenceburg General Manager.  “We’re among the top attractions in the metropolitan region, so we realize the importance of just getting people out there, actively supporting the businesses that are there for them – this effort achieves that goal – and through a simple bus ride.”

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Business Development News Politics

Hamilton County leaders eye land banking as potential cure for area’s housing woes

Our nation’s housing crisis and subsequent economic recession has led to an enormous increase in housing vacancy, abandonment, and foreclosures across the country. Hamilton County is no exception; the crisis has left many in the region homeless and has put a fiscal burden on local governments across the region, leaving them with the multifaceted challenges associated with widespread vacancy.

In many cases, property vacancy creates a domino effect that leads to further desertion and vacant properties within a neighborhood. This not only results in less tax revenue for cities; vacant property can also lead to increased rates of crimes such as drug dealing, prostitution, and arson. Because vacant property damages are so extensive, it is becoming more and more important for a metropolitan area to have a mechanism in place to transfer vacant property to owners who can/will pay taxes and redevelop the property.

A land bank is a tool that is growing in popularity, and on Tuesday morning local governmental and nonprofit leaders met to discuss how a Hamilton County land bank should be formed, funded and operated.

In April, Ohio Sub House Bill 313 was passed, enabling Ohio counties to create a Land Bank/County Land Reutilization Corporation (CLRC). The purpose of the CLRC is to facilitate the acquisition, reclamation, rehabilitation, and reutilization of vacant, abandoned, tax-foreclosed, and other real property. While there are still many steps that need to be taken before the CLRC is fully functional, county officials are hoping to have the land bank chartered by the end of the year.

Although no specific funding decisions were made at the meeting, there are multiple ways the CLRC can be supported fiscally. For example, the treasurer could recapture penalties and interest on delinquent taxes and assessments on behalf of the CLRC, the group could generate revenue from the resale of rehabbed property, and/or the CLRC could be authorized to issue bonds, accept gifts, and apply for grants. The recently announced NSP3 dollars can also be used to acquire homes for the CLRC.

Not only will the land bank help to address vacancy problems regionally, it will also give local CDCs and nonprofits a chance to obtain blighted property before private out-of-town investors. With a broad jurisdiction, the CLRC will be able to acquire both mortgage foreclosed and tax foreclosed properties. Moreover, the legislation allows land banks to waive delinquent taxes owed in order to clear the title on the property. This tax abatement component is crucial because often the taxes owed on abandoned property are more than the property’s actual market value.

At Tuesday’s meeting, there was a clear consensus that the land bank not just be a pilot program, but instead be a comprehensive and wide-ranging tool that helps to alleviate one of our region’s most pressing problems.

“The Board of County Commissioners want to ensure that the way this is set up is consistent with the community’s vision,” Assistant Hamilton County Administrator Jeffery Aluotto stated on Tuesday. “Land banking holds a great deal of promise as a means of addressing the increase in vacant housing stock we have seen since the recession, and the direct impacts that those vacancies have on the quality of life and economic vitality of our communities.”

With successes in Cuyahoga County and Gennessee County, Michigan, local leaders have high hopes for the potential impact that the CLRC can have on our region.

UrbanCincy will continue to follow this story as it progresses in the coming months.

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Business Development News

Fay Apartments to be renamed The Villages of Roll Hill, undergo $36M renovation

Developers and city leaders kicked off a 30-month long rehabilitation project at Fay Apartments yesterday morning on the city’s west side. Once complete, the project will reduce the total number of housing units and become the largest green renovation of an affordable housing community in the United States.

In addition to a $36 million face-lift that will include the demolition of 17 buildings, the community has also been renamed The Villages of Roll Hill. At this time, city officials say that it has yet to be determined if the new community name will impact the official city neighborhood name of “Fay Apartments”, but early indications seem to indicate so.

Community leaders have been looking at rehabilitating the affordable housing community (map) for nearly five years. The latest version of the plan soon to be realized will reduce reduce the number of housing units from 893 to 703 and upgrade security measures, add new landscaping and trees, and include new playgrounds for the many children that live in the community.

The project was made possible through federal funds including a $32 million loan from the Department of Housing & Urban Development and a $3.2 million loan from City HOME. The City of Cincinnati has also granted an eight-year tax abatement on the renovation work.

Developers from Cincinnati-based Wallick-Hendy Properties are seeking Leadership in Energy and Environmental Design (LEED) certification for the project, but stated last year that the level of green improvements would be dependent upon government support.