Update on the Cincinnati Region’s Economic Development – a Sibcy Cline Hosted CE Class

GreaterCincinnatiRegion.jpgOne hundred Sibcy Cline agents attended a special continuing education class on November 10, 2017 – Economic Development and Why It Matters. Sibcy Cline’s Professional Development Center organized speakers from REDI, Cincinnati USA Regional Chamber of Commerce and the Greater Cincinnati Redevelopment Authority to share initiatives happening now throughout the region and how they are impacting the real estate market. The class was held at the Cincinnati Children’s Theatre in Madisonville.

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Three hours (and ten minutes) sped by quickly with a line up top-notch professionals who shared their passion for making the Cincinnati region the best place to live and work.

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REDI (Regional Economic Development Initiative)

Tammy Riddle is one of 19 employees at REDI and holds the position of Director of Investor Relations. She shared how this organization is quite diligent in attracting businesses to invest in one of the 15 counties in the greater Cincinnati region (throughout Ohio, Northern Kentucky and Southeastern Indiana.) Newly created in 2014, REDI helps businesses navigate a move to our area, targeting businesses that offer employees high-paying jobs including advanced manufacturing, bio health, food and flavoring, info tech as well as shared service positions (marketing, finance and legal).

Redi_JobsOhioNetwork.jpgREDI works closely with the JobsOhio Network as a partner. JobsOhio presents incentives to draw businesses into the state. REDI has had the most success of any partner with JobsOhio in job creation (even though geographically is the smallest region in Ohio.)

REDI also handles research and data collection to help businesses make their relocation decisions. The organization seeks out businesses throughout the U.S. and worldwide. There are currently 450 foreign-owner companies in greater Cincinnati with most from Japan and Germany. REDI is currently looking to bring in foreign technology businesses from Israel and India, and is assisting 20 Brazilian companies with their move to the Cincinnati region.

The results for REDI? Since 2014…

  • 17,000 new jobs have been created
  • $1.89 billion in capital investments
  • $947.52 million in new payroll

Why Businesses Move to New City? Site and Acreage is Important
Site location is top on the list of businesses looking to move. REDI is focused on having 20-30 acre development sites that are “dig” ready with utilities and other infrastructure in place.

Why Businesses Move to New City? S Resources, Clients and Labor Talent
Another factor is making a decision to move to a city is the ease of the supply chain to needed resources and clients. Businesses also take into account the availability of talent labor and labor costs.

How does REDI figure into real estate?
New companies coming to our region means new people coming to the area who will need places to live! These people contribute with taxes and spending their money locally, resulting in a strong local economy.

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Greater Cincinnati Development Authority (Formerly the Port Authority)

Darin Hall, Executive Vice President, over sees all of the real estate development and neighborhood revitalization for the Greater Cincinnati Redevelopment Authority. This organization to charged to provide financing for redevelopment projects for neighborhoods and businesses:

  • Re-establish housing opportunities
  • Provided public finance and development finance for infrastructure

Since 2012, the Greater Cincinnati Development Authority has issued $700 million in bonds and $1.2 billion in capital investment.  The organization has some high goals to reach by 2022:

  • 8,000 new jobs
  • $580 million business payroll
  • $14 million in real estate taxes

To date, 90 acres of land development has been in the works with $10.8 million in capital investment raised.

Former Gibson Greeting Card Plant  – Amberley Village
This 60-acre site was purchased by the Greater Cincinnati Development Authority and has been remediated for a to-be-determined advanced manufacturing business.

Neighborhood Revitalization
The organization is involved is several Cincinnati area neighborhoods and is looking to helping those neighborhoods that are actively seeking assistance in making positive changes with housing and business districts. There is a goal to be involved in 10 Cincinnati neighborhoods by 2022.

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REACH Home Rehab
REACH (Rehab Across Cincinnati and Hamilton County) is a partnership between the Redevelopment Authority and the Hamilton County Landbank. Their focus is on rehabilitating homes in targeted areas. Their projects have positively affected housing in Evanston, Walnut Hills and the business districts of Bond Hill and Roselawn.

LandBank

Hamilton County Land Reutilization Corporation (Landbank)

Jessica Powell of the Redevelopment Authority focuses on “Landbank” work to acquire blighted, unsellable properties and either have them rehabbed or torn down. The organization is tasked to remove property tax liens and expedite foreclosures. This intervention makes surrounding properties of higher value and bringing a quality of life back to older neighborhoods.

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Communities First Grant Program
Rick Hudson, Director of Accounting and Financial Management for the Greater Cincinnati Development Authority, presented the Communities First Ohio Grant Program to Sibcy Cline agents.

Grants are bestowed upon Ohio home buyers with no repayment, no second mortgage and no restrictions on re-selling the home. The program creates instant home equity for the home buyer. The grants are offered up to 5% for those with at least a 641 FICO score and a limit on personal income. The grant can be used for refinancing purposes.

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Cincinnati USA Region Chamber of Commerce

Jordan Vogel, Vice President of Talent Initiatives,  presented what the chamber is doing to make ensure the job talent market is attracted to the Cincinnati region. He mentioned the chamber partnering with several organizations including Source Cincinnati to spread the word about Cincinnati and was also a major sponsor of Blink (which brought in national attention) as well as a million people into downtown Cincinnati.

To attract (and keep young professional talent), the chamber is active with Start Up Cincinnati – which appeals to those who are entrepreneurial; Cincy Code It (a bootcamp for techies); Cincinnati Tour Ambassadors and other young professional groups. There are four summer events for the Cincinnati Intern Network Connection and a new Cincy Fair  was held in October 2017 that targeted first- and second-year college students. The goal was to “wow” those students with all that Cincinnati has to offer. (Sibcy Cline had a booth at this event!)

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About the Children’s Theatre of Cincinnati
The Children’s Theatre of Cincinnati is the oldest of its kind in the U.S. Four major productions are viewed live on stage in downtown Cincinnati at the Taft Theatre. The Madisonville site houses a 152-seat theater, studios and costume shop. Children can enjoy classes there as well as enjoy smaller productions.

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