Redeveloping Brownfields and Providing Bond Financing: The Economic Impact on Greater Cincinnati of Projects Assisted by the Port of Greater Cincinnati Development Authority
Prepared for:
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 Area 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 dayto-
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.
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