Sunday, October 22, 2006
Posted by The Dean of Cincinnati
Looks like channel 5’s Michael Moely has been turned onto the 3CDC scent—specifically regarding the Fountain Square debacle we have been reporting on for quite some time.
Background
The Cincinnati public was led to believe that 3CDC—with only $4 million dollars of money from Cincinnati (and with $38 million from the private sector)— would lead the effort to renovate the Fountain Square garage and to make a more accessible Fountain Square.
Here are some sources to substantiate the claims above.
from The Cincinnati Enquirer:
This one is from the Google cache, as several articles are no longer on the Enquirer archives for some reason:
”Revitalization project would close city’s heart for year.”
Excerpt:
Coupled with an estimated $30 million in improvements to neighboring buildings that would be paid for separately by property owners, the city would get nearly $72 million in private investment for its $4 million contribution to the square’s redevelopment.
While this article does include a sidebar that mentions a “conventional mortgage,” it is clear that The Enquirer was advancing the primary notion that the City would only pay $4 million. Not true, however—the City forfeited future garage revenues to pay the 5/3 mortgage. So all that money is, in essence, the City’s spent money.
”Readying Fountain Square.”
Excerpt:
The later opening is “no problem” for Cincinnati Mayor Mark Mallory, who said Friday that what’s important is that it’s done right. The city contributed $4 million to the project.
“It’s going to breathe a lot of additional life into downtown,” Mallory said, noting that it has already spurred other developments such as renovations at the adjacent Fifth Third Center and the new McCormick & Schmick’s seafood restaurant that’s going into the Westin Hotel.
Again, The Enquirer is spreading the myth that this only cost $4 million of City money.
Dont’ forget, in January, 2006, we broke the story that Enquirer president Margaret Buchanan is on the 3CDC board.
Which brings me to our other coverage here at The Beacon.
from The Cincinnati Beacon
*”3CDC: Non-Cincinnatians Controlling Cincinnati Government?”
*”5/3 Earns Interest on Fountain Square Project”
*”3CDC and City Taxpayers Fund Portion of Renovation to Private Buildings”
*”3CDC And Council Do Another Bait-And-Switch”
New Video Footage
All of this is just a long introduction to this new video footage:
Of particularly note: Munitz says that at some point everything will need to get all of the loans refinanced. Want to bet 5/3 gets that deal? So though the dollar amount on the current mortgage is one thing, it will eventually grow as everything gets refinanced together—costing even more City money through forfeited garage revenues.
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