Cincinnati's Banks Development: Ohio Slated To Approve Big State Loan Monday

COUMBUS (TDB) -- State officials are expected to approve a $5.48 million loan to Hamilton County for a parking, bus and commuter train structure on the Ohio River that will be topped by The Banks. Ohio plans to formally approve a 15-year loan for a portion of the $75.7 million transit center financial package when the state Controlling Board meets on Monday. State records describe the loan as "intended to leverage public transportation improvements to stimulate private investment by providing a podium structure that supports a mixed-use development including residential, office, hotel and retail space in a formerly blighted area."

Of the $75.7 million total for the "podium structure," records show $4 million will come from a private developer. The other $71.7 million is from public funds.

There has to be a "podium" because the site is low-lying real estate in the river's floodplain. And the so-called "blighted area" is about 18 acres on the downtown riverfront. It is the spot where Riverfront Stadium used to stand until it was demolished and replaced by new football and baseball stadiums for the Bengals and Reds. The loan documents are before the Controlling Board, which is scheduled to vote on the deal October 29. Information about The Banks is here.

The Controlling Board agenda is here, and item 26 relates to The Banks. The loan request says:

"The Ohio Department of Development (ODOD) financing assistance represents 7.2 percent of the total investment of $75,771,718 at the project site. Job creation is not a requirement of this program. The project includes the development and the construction of a two-story intermodal transit and parking structure along the river bank in downtown Cincinnati."

And:

"The ODOD will have a shared mortgage position on real estate included in the above project, which will be located in the City of Cincinnati, Hamilton County. This project will facilitate the development of a new community of retail, office and residential units on a former Brownfield site on the Cincinnati, Ohio riverfront. This project will help position the city for new development and revitalization in the downtown area."

Ohio Is Wally's World: Wal-Mart Now State's Largest Employer

COLUMBUS (TDB) -- Not long before Gov. Ted Strickland was sworn into office in January, outgoing Republicans compiled data that ranked Ohio's biggest private sector employers. Wal-Mart finished way atop the list. With some 50,000 Ohioans on its payroll, the discount chain now dwarfs every other enterprise operating in the state.

"Wal-Mart (1) with approximately 160 retail operations and multiple distribution centers has the largest employment headcount (50,000) of Ohio's Pirvate Sector Employers. While many of its employees are part time, Wal-Mart's presence is felt in every community across the state."

That is the word from the Ohio Department of Development's office of strategic research, which filed its report last December. Nothing in Ohio approaches the size of Wal-Mart. To get an idea of its sheer enormity: Add everybody working at Honda, the Japanese automaker with extensive operations across the state, to everybody working at the Cleveland Clinic Health System, and the total about equals Wal-Mart's. Tokyo-based Honda is Ohio's 12th largest employer; the Clinic is No. 2.

The state report is HERE. What is interesting about Ohio now is that not a single manufacturer remains in the top five in a state that prospered on a smokestack economy. Ohio State University, No. 5, has more employees than any automaker, including General Motors Corp, No. 7; Honda, No. 12, and Ford, No. 18.

Here are the Top 10:

1.Wal-Mart, 50,000, Bentonville, Ark., retail general merchandise.
2. Cleveland Clinic Health System 34,800, Cleveland, health.
3. Kroger Co., 34,130, Cincinnati, retail food stores.
4. University Hospitals Health System, 25,000, Cleveland, health.
5. Ohio State University, 24,400, Columbus, education and health.
6. Catholic Healthcare Partners, 23,000, Cincinnati, health.
7. General Motors Corp., 19,300, Detroit, manufacture motor vehicles.
8. Wright-Patterson Air Force Base, 18,250, Dayton, government Air Force base.
9. General Electric Co., 17,000, Fairfield, Conn., manufacture electrical/aerospace equipment.
9. JP Morgan Case & Co., 17,000, New York, finance bank.
11. Meijer Inc., 16,500, Grand Rapids, Mi., retail general merchandise.