LETTER FROM PRESIDENT & CEO, LAURA N. BRUNNER
2020 marked The Port’s 20th consecutive year of making real estate work by improving property values, creating jobs and narrowing the wealth gap in the City and Hamilton County. Of course, 2020 also marked a year no one will ever forget. As we all know, many businesses and organizations did not survive the pandemic. We are very blessed and fortunate to not only survive, but actually thrive during the time when many were shut down. And we have all of you to thank for your support, help and partnership as we navigated through this once-in-a-lifetime crisis. Thank you.
Beginning this year our Import Report will be distributed digitally only. We hope you enjoy this year’s report!
Here's a quick look back at highlights from our work in 2020, with more detail on each topic found within this report:
INDUSTRIAL DEVELOPMENT
Growing Hamilton County by transforming historic industrial properties back into productive use to attract manufacturing jobs
2020 IMPACT
$800,000
in new funding for cleanup
150
jobs created on former Cincinnati Gardens site
$3.7MM
new Powell Valves facility in Camp Washington
PUBLIC FINANCE
Bringing innovative public finance tools to stimulate private sector investment in commercial real estate and redevelopment of complex sites
2020 IMPACT
$380MM
in financing issued
843
homebuyers helped with down payment assistance
$368K
in loans issued to support small businesses
NEIGHBORHOOD REVITALIZATION
Driving broad redevelopment of residential and commercial properties to promote thriving neighborhoods throughout Hamilton County
2020 IMPACT
207
properties put back to productive use
$2MM
invested to stabilize 14 properties
21
homes built or rehabbed by The Port and its managed entities
PUBLIC PROJECTS
Partnering with community organizations and institutions throughout Hamilton County to revitalize the City and County's most complex and disinvested real estate
MANAGED ENTITIES
The Port manages three mission-aligned entities - The Hamilton County Land Reutilization Corporation (Hamilton County Landbank), Homesteading & Urban Redevelopment Corporation (HURC), and Greater Cincinnati & Northern Kentucky Foreign Trade Zones (GCFTZ).
LANDBANK PUTS 207 PROPERTIES BACK TO PRODUCTIVE USE
HURC REHABS AFFORDABLE HOMES ACROSS HAMILTON COUNTY
ECONOMIC EQUITY
The Port’s work focuses on equitable development to promote job creation, improve property value, increase homeownership, and achieve the highest and best use of real estate. Real estate is a key driver of both economic outcomes and quality of life, and we always consider how can we do more within our scope to expand access to local opportunity through real estate.
A Strengthened Commitment to Economic Equity and Inclusion
In late Fall 2020, The Port welcomed Jilson Daniels as its new vice president of economic equity, a newly created role intended to increase The Port’s focus on delivering economic equity and inclusion in all of its projects.
Since his start, Daniels’ has leveraged his strong background and expertise in economic inclusion and supplier diversity to increase the number of minority-owned construction and real estate development firms working on area redevelopment projects.
FINANCIALS
Revenue & Capital Funding Sources
In 2020, The Port and its managed entities raised and earned $18 million. Our percentage of revenue coming from property sales and earned fees increased over the previous years.
How & Where We Deployed Program Funds
In 2020, The Port and its managed entities made capital investments of $11 million into Hamilton County properties and programs.
While we concentrate efforts in specific focus neighborhoods to catalyze larger impact, we work throughout Hamilton County.
Capital Fundraising
In 2020, The Port leveraged public funds with additional grant and loan funding, raising $3,700,000.
Our Operating Revenue Sources
The Port has continued to diversify its revenue sources, relying less on public operating funds. In 2020, public funding made up 7% of our total operating revenue as opposed to 8% in 2019, and 17% in 2018.
A PLAN FOR RENEWAL
The Port initiated a strategic planning process in the fall of 2020 to update its vision and develop a framework for guiding the organization into the future. The new strategic framework, A Plan for Renewal, will help guide investment, allocate resources, and provide a structure for regular progress updates to assure that long-term goals are achieved, and strategic issues are addressed.
Economic Equity
Equity and inclusion have always been central values and business imperatives at The Port. Our economic equity plans address capacity building and development for minority-owned, women-owned, and small business enterprises.
Public Finance
Bringing innovative public finance tools to stimulate private sector investment in commercial real estate and redevelopment of complex sites
Industrial
Growing Hamilton County by transforming historic industrial properties into productive use to attract manufacturing jobs
Neighborhoods
Driving broad redevelopment of residential and commercial properties to promote thriving neighborhoods throughout Hamilton County
Public Projects
Partnering with community organizations and institutions throughout Hamilton County to revitalize the City and County's most complex and disinvested real estate