Economic Impact on Greater Cincinnati of Projects Assisted by the Port of Greater Cincinnati Development Authority
The economic and fiscal impacts of the Port of Greater Cincinnati Development Authority (the “Port Authority”) on the Greater Cincinnati Area1 are substantial and multi-faceted.
The highlights of these impacts are summarized below.
The Port Authority performs two core functions – brownfield
redevelopment and bond financing – within Hamilton County, Ohio. In total, since it opened its doors in 2001, the Port Authority has assessed, remediated, and recycled 155 acres of environmentally contaminated properties to new uses; and provided creative financing options through the issuance of more than $141 million in revenue bonds.
Economic and fiscal impacts of projects assisted by the Port Authority:
- The one-time development economic impacts of projects are estimated to be $1.41 billion, with a one-time fiscal impact of $6.7 million in tax revenues.
- Of the $1.41 billion in economic impacts, $447.0 million will directly enter local households as wages and salaries and support 12,196 jobs.
- Assuming that this development is spread over six years, it produces an average annual economic impact of $234.8 million, and supports an average of 2,033 jobs with $74.5 million in household income during each of those years.
- Collectively, all projects will have ongoing post-development impacts from day-to-day operations. These projects are expected to generate an annual economic impact of $2.12 billion, with $29.7 million in tax revenues.
- Of the $2.12 billion annual impact, $712.7 million will directly enter local households as wages and salaries and support 21,694 new and retained jobs.
Since 2001, the City of Cincinnati and Hamilton County have invested an average of $641,000 a year in the economic development activities of the Port Authority. This commitment to the efforts of the Port Authority has been rewarded through the generation of $607.6 million invested in economic development projects ($272.1 million from brownfield projects and $335.5 million from financing projects), the majority of which is private investment attracted from outside the Greater Cincinnati Area.
Each dollar of the $4.5 million committed to the Port Authority through 2007 by the City of Cincinnati and Hamilton County has leveraged an additional $135.00 in brownfield and financing project investment.
The City of Cincinnati and Hamilton County’s commitment of $4.5 million investment through 2007 has resulted in a $29.7 million impact on tax revenues ($6.62 per dollar invested) to local governments and school districts.