Loan clause endangers Banks project - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

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.

Copyright 2010 FOX19. All Rights Reserved.

  • FOX19 HeadlinesMore>>

  • Gunman in Trader Joe's standoff was feuding with grandmother

    Gunman in Trader Joe's standoff was feuding with grandmother

    Sunday, July 22 2018 8:49 AM EDT2018-07-22 12:49:27 GMT
    Sunday, July 22 2018 11:30 PM EDT2018-07-23 03:30:33 GMT
    (AP Photo/Damian Dovarganes). Los Angeles Police SWAT officers escort a group of people who were held for their safety by police across businesses surrounding a Trader Joe's supermarket, after a gunman held dozens of people hostage inside the store bef...(AP Photo/Damian Dovarganes). Los Angeles Police SWAT officers escort a group of people who were held for their safety by police across businesses surrounding a Trader Joe's supermarket, after a gunman held dozens of people hostage inside the store bef...

    Police say they're trying to determine what prompted a man to shoot his grandmother and then run into a busy Los Angeles supermarket and hold dozens of people hostage for hours.

    Full Story >

    Police say they're trying to determine what prompted a man to shoot his grandmother and then run into a busy Los Angeles supermarket and hold dozens of people hostage for hours.

    Full Story >
  • Inspector warned duck boat company of design flaws last year

    Inspector warned duck boat company of design flaws last year

    Saturday, July 21 2018 6:13 PM EDT2018-07-21 22:13:06 GMT
    Sunday, July 22 2018 11:28 PM EDT2018-07-23 03:28:28 GMT
    (AP Photo/Charlie Riedel). People view a row of idled duck boats in the parking lot of Ride the Ducks Saturday, July 21, 2018 in Branson, Mo. One of the company's duck boats capsized Thursday night resulting in several deaths on Table Rock Lake.(AP Photo/Charlie Riedel). People view a row of idled duck boats in the parking lot of Ride the Ducks Saturday, July 21, 2018 in Branson, Mo. One of the company's duck boats capsized Thursday night resulting in several deaths on Table Rock Lake.

    Since 1999, duck boats have been linked to the deaths of more than 40 people, with a troubled safety record on the road and water alike.

    Full Story >

    Since 1999, duck boats have been linked to the deaths of more than 40 people, with a troubled safety record on the road and water alike.

    Full Story >
  • Boy mauled by pit bull; mom wants dog put down

    Boy mauled by pit bull; mom wants dog put down

    Cooper Benjamin, 12, was air lifted to Cincinnati Children's Hospital Medical Center after he was atCooper Benjamin, 12, was air lifted to Cincinnati Children's Hospital Medical Center after he was at
Powered by Frankly