Since the Port of Greater Cincinnati Development Authority was reorganized three years ago in an effort to make it become a major economic development driver in the region, the lack of a "large enough and stable source of money" has prevented it from moving forward with many of its goals, the Cincinnati Enquirer reports. When incoming Mayor John Cranley and incoming City Council members halted a parking lease deal that would have netted the port authority "at least $18 million over 30 years" – which the port authority considered its "funding breakthrough" – it has since been scrambling for money. The city and county each doubled their annual operating allotment for the authority from $350,000 to $700,000, but backers say it's nowhere near the millions needed. Although Mayor Cranley has said that a private equity stream could be the answer, port authority members maintain that "the appetite from the business community for private fundraising is much more constrained today" than it was 10 years ago when the Over-the-Rhine developer 3CDC was established, the article said. For more, read the full story.
Cincinnati port authority looks for funding to move forward with major economic development goals
