News

Banks Project Moves Forward with Secured Financing Commitments

Cincinnati, OH and Atlanta, GA (February 29, 2008) – The City of Cincinnati, Hamilton County and Banks Master Development Team of Carter and the Dawson Company announced today that the necessary funding to finance the first phase of the Banks development has been committed.

The City, County and Master Developer also announced that the project continues to move ahead with a groundbreaking set for April 2, 2008.

“We are a giant step closer to a fully-developed riverfront, one which makes downtown, our county and region stronger,” said Todd Portune, Hamilton County Commission president. “I look forward to hosting everyone on the riverfront April 2nd so we can turn the first shovel of dirt and make this project a reality.”

“I had no doubt that investors would be excited to be part of one of the most exciting developments in our region,” Mayor Mark Mallory said. “We have cleared another hurdle and soon we’ll see activity between the stadiums.”

The Master Development Team of Carter and Dawson provided the City and County with a status report on the approximately $74 million needed to finance Phase 1A. This includes:

• $40 million senior debt financing commitment from National City Bank.
• $10 million debt financing commitment from the Cincinnati Equity Fund.
• $12 million equity funding led by Carter, Dawson and its investors.
• $12 million in grant funding from the City and County for the residential portion of the Project.

“We are pleased to announce we’ve secured the necessary funding commitments to move forward with the Banks,” said Trent Germano, vice chairman at Carter.

“We are very excited to have the opportunity to work with such a strong financial institution and corporate citizen as National City Bank,” said Harold A. Dawson, Jr., president of the Dawson Company. “They have demonstrated tremendous leadership and a substantial local commitment as a financial partner to make this the greatest mixed-use project in the region”.

The City, County and Master Development Team also reported progress on:

• An economic inclusion consultant, Ellington Management Services, has been selected to assist the City and County achieve their inclusion and workforce development goals for the Banks Project.
• The first trade contract bid package for site demolition and preparation for Phase 1 will be issued by the County on March 4, 2008.
• The development team has engaged a joint venture of local architectural firms, Cole + Russell and Moody Nolan, Inc., to design the apartments and retail space in Phase 1A.

The City, County and Master Development Team have also agreed to a 60 day time period to complete all of the necessary legal documentation to satisfy the final remaining contingency in accordance with the terms of the Master Development Agreement.