3CDC is the short name for “Cincinnati Center City Development Corporation.” This is a non-profit group established by powerful members of the area’s inner-sanctum for the purpose of advancing a private development agenda for key areas of downtown Cincinnati.

Though the group’s work impacts Cincinnati and its residents, as of this posting (October 22nd, 2006), no public oversight group exists to insure that the public’s interests are protected or represented through the group’s activity.

The group’s first major project was to renovate Fountain Square.  The Cincinnati Enquirer and other local media reported that the renovation would cost the City $4 million, with an additional $38 million coming from the private sector.

This was not the whole truth, however, as the $38 million was not actually given to 3CDC.  Instead, it was loaned through a conventional mortgage, which would be paid through decades worth of garage revenues forfeited by the City to 3CDC.  The mortgage was taken at 5/3 bank.

As part of the Fountain Square renovation deal, 3CDC gave $7.5 million to the city in exchange for the future revenue generated from the square’s parking garages.

3CDC owns 100% interests in a subsidiary known as Fountain Square LLC, a registered 501(c)(3).

The 5/3 CEO and the President of the Enquirer Margaret Buchanan both sit on the 3CDC board.

Stories in The Enquirer

Stories at The Cincinnati Beacon

Margaret Buchanan:  Conflict of Interest in Newsmaking?

3CDC’s Wholly Owned Subsidiary:  Fountain Square, LLC

Parking Fees:  Another Under the Radar Cost by 3CDC