Loan clause endangers Banks project - Cincinnati News, FOX19-WXIX TV

Loan clause endangers Banks project

By Brad Underwood – bio | email

CINCINNATI, OH (FOX 19) - Construction continues on The Banks project, but developers say they can't operate under a new timeline demand from Cincinnati City Council.

Wednesday Council approved a new five million dollar loan to Atlanta based Carter, the banks developer, with a clause demanding to start phase two a full year ahead of schedule.

"We don't want this to be another stadium deal where we are throwing money into an endless bottomless pit," said Councilman Chris Bortz.

Trent Germano, Vice Chair of Charter released a statement today calling the new timeline unrealistic.

"We cannot move forward with the loan because of these stipulations," said Germano.

The vote for the loan was unanimous by council, but today two members are reconsidering their position.  Charlie Winburn and Leslie Ghiz announced they are drafting an ordinance to provide the developers with no strings attached as far as speeding up the timeline.

Carter has the exclusive rights to the banks until 2028 and council members say they want the private sector to hold its end and match the public contributions.

"If the developers want more money, they should be prepared to give something back to the taxpayers," said Councilman Jeff Berding.

Germano added that his company will continue to work with city leaders and the administration to work toward a solution.

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