| Issue 2, Vol. 3 | April 2011 |
Greetings!
Springing Into Economic Development
Spring has finally arrived in Cincinnati so, along with another season of terrific Reds baseball, that means we will see cranes and other construction equipment at various sites around the city. Commercial and residential tenants are moving in at The Banks development on the riverfront.. Work continues on the next phase of the Medpace Headquarters in Madisonville. The Marriott Residence Inn is open at Lytle Park. The Horseshoe Casino development is busy with site work. More progress is on the way!
The Economic Development Division (EDD) is happy to report that 2011 is shaping up to be another productive year for economic development in the City of Cincinnati. This issue provides updates on some of the projects we've recently announced. We hope you enjoy reading these success stories.
EDD, just like our partners in the private sector, is determined to continually improve efficiencies moving forward. We are seeing more evidence of the improving economy. Developers are reporting they are getting more favorable responses to their projects from lenders and investors. There are still challenges in the market, and innovative approaches to financing are still needed to make deals move from concept to reality. We continue to find ways to do more with less and still yield results in terms of retaining and creating job opportunities in Cincinnati.
Until next time, GO REDS!
Patrick Ewing
Interim Director |
| Rockfish decides to establish its Midwest headquarters in Mount Adams | | Rockfish is a digital innovation partner headquartered outside of Bentonville, Arkansas. Its clients include some of the largest companies in the country, including Sam's Club, Wal-Mart, United Health Care, Cisco, and U.S. Playing Card. The company is growing rapidly, and after exploring multiple options, Rockfish decided to establish its Midwest headquarters in Mount Adams. The company has committed to create 75 high-wage jobs within the next three years. Over the term of the agreement, the City estimates that the company will contribute almost $600,000 to the City's general fund. |
| Marriott Opens Residence Inn in Downtown Cincinnati | Marriott International, Inc. opened the 134-suite Residence Inn by Marriott in Cincinnati, Ohio, today. Located in the historic Phelps Apartment Building at 506 East Fourth Street, the Residence Inn Cincinnati Downtown will operate as a Marriott franchise, owned by Western & Southern Financial Group and managed by Winegardner and Hammons, Inc.
Located downtown, within walking distance to Great American Ballpark and 14 miles from the Cincinnati-Northern Kentucky International Airport, the Residence Inn Cincinnati Downtown, developed by Eagle Realty Group, a member of Western & Southern, offers its guests convenient access to the Taft Museum, Newport on the Levee/Aquarium and Fountain Square, and is in the heart of the business district with many Fortune 500 headquarters. |
Holiday Inn Hotel and Suites plans to build a 200-room full-service hotel in Downtown
| Rolling Hills Hospitality, a developer and operator of a number of hotels in the region, plans to build a 200-room, full-service Holiday Inn Hotel and Suites on the northwest corner of Seventh Street and Broadway. The hotel will include an indoor pool/spa, an exercise/fitness room, room service, and meeting/conference/banquet space. The hotel will create 35-40 new full-time equivalent jobs. The hotel is being designed to minimize its impact on the neighboring apartment buildings, maximize its programmed space at street level and match as closely as possible the scale of the surrounding buildings.
To facilitate the construction of the hotel, and address a shortage of parking in the northeastern quadrant of downtown, the City is preparing to replace and expand the Seventh Street Garage.
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First Financial Bank Committing To Downtown Cincinnati
| Mayor Mark Mallory, City Manager Milton Dohoney, Jr. and Claude Davis, President and Chief Financial Officer of First Financial Bank held a joint news conference to announce a major partnership agreement and the bank's long-term commitment to maintain its corporate headquarters in downtown Cincinnati.
First Financial entered a 12-year agreement with the City bringing 150 jobs to the central business district. The bank continues to finalize the details of the agreement for the new headquarters facility and will announce the exact building location in the coming weeks.
"We want to thank city leadership, including Mayor Mallory and City Manager Dohoney, for their commitment to First Financial and providing us with this exciting opportunity," said Davis. "Downtown Cincinnati is the ideal location for First Financial as we continue our strategic growth and expansion plans. We look forward to being a part of the central business district and establishing additional jobs downtown." |
Resource Interactive will hire 10 new employees within their Cincinnati office
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Resource Interactive, currently located at 720 East Pete Rose Way, has 9 employees with available space to expand. With the assistance of a Job Creation Tax Credit (JCTC) from the State of Ohio and the City of Cincinnati, Resource Interactive will commit to hire at least 10 new employees within their Cincinnati office by 2013. The City of Cincinnati will recieve over $300,000 in new payroll taxes.
Founded in 1981, Resource Interactive has grown to be the top independent female owned digital agency in the nation. The company is based in Columbus, OH and has over 250 associates. Their major service is providing interactive marketing services to fortune 500 companies.
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The Horizon Certified Development Company is the small business lending entity for Cincinnati
| Horizon Certified Development Company has been certified by the U.S. Small Business Administration to offer the SBA 504 Program to small business customers since 1983. The SBA 504 Program enables small businesses to purchase, construct or renovate owner-occupied real estate and purchase equipment with a low down payment and fixed interest rate for a term of ten or twenty years. In addition to normal credit approval, a small business must show that it will meet one of the SBA's economic development objectives, such as new job creation. Since 1983 Horizon has assisted over 1,000 companies. Eligible companies must be located in the State of Ohio, State of Kentucky or Southeastern Indiana.
Horizon Certified Development Company also administers the Ohio 166 Loan Program on behalf of the Ohio Department of Development throughout the State of Ohio. The 166 Program offers below-market, fixed-rate loans for the purchase of fixed assets such as real estate and equipment for manufacturing and distribution businesses that will create new, full-time jobs.
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| Did you know? | |
Ohio is 1st in the U.S. for plastics and rubber products employment.
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