The Nati

• I would rather spend $72 Million on XYZ than on Fountain Square
• OTR is Key to Change and Needs to be fixed more than Fountain Square

First, the money issue. It doesn't work like that and folks are either in two camps, one they haven't read the plan to try to understand it, or they have read it and understand it but are being disingenuous. First of all, $5 million is from 5th/3rd. They are not going to spend that money on schools, or broadway commons, or anywhere else. It's real world and 5/3 has a vested interest in a beautiful public space in front of their corporate office. Another $15 million is made possible via a low-interest loan (again from 5/3). This is repaid by managing and generating revenue from the fountain square garage. Again, not something that works in other areas. Come on people, this is a real estate deal with mortgage involved. It has very little to do with public tax dollars. So don't pretend that if we decide not to do Fountain Square we suddenly have $40 million to spend elsewhere, we don't!

Issue #2 - OTR or the Banks need to be done instead. Am I frustrated by the desert on the riverfront? Hell yes, and anyone who ever walks with me to a Reds game can attest to that. However this is not a this or that type issue. There have been stumbling blocks in the banks, but this doesn't replace that. There is still work being done on the banks, and I'm a firm 'I'll believe it when I see cranes' type of guy, I am hoping that things start moving. OTR, just like it always has been there's ups and downs. Nick Spencer is living those ups and downs in person. I have a lot of respect for the fact that he opened a business (alchemize) in OTR, in what is now a struggling area. But again, Fountain Square is not INSTEAD of OTR developments. To really make things happen all 3 (banks, Fountain Square, OTR) need attention. It just so happens that the low-hanging fruit is Fountain Square and it is alligned to go first.

Another important note that came out of last nights meeting. Fountain Square garage would require nearly $4 million in repairs to keep it operable. This band-aid would not generate the additonal private investment on the square. So when push comes to shove, in the next 12-18 months the city can spend $4 million on duck tape for the garage, or they can spend $4 million and get a brand new square with new tenants, an operable and clean garage, and a more accessible public space. That is the real choice.

End of Fountain Square Rant #2

# posted by Joe Hansbauer @ 8:46 AM