Cincinnati's Riverfront: A Tale of Imbalance
The Core Issue
Cincinnati's riverfront, known as The Banks, has been a point of contention between the city and Hamilton County for years. The issue isn't a mystery, but a simple case of mismatched incentives and unequal benefits.
The Agreement and Its Flaws
The city and county agreed to split costs 50/50, but the rewards aren't shared equally.
The City's Benefits
- More income taxes from new residents and workers
- Increased sales
- A growing downtown population
The city wants tall buildings and dense development to create these benefits.
The County's Perspective
The county covers a larger area, and most residents don't see direct benefits. They don't get:
- New income taxes
- A new downtown population
County leaders have to explain why tax dollars should fund a district most residents rarely visit.
The Resulting Tension
- The city wants bold developments
- The county is hesitant to take on financial risks without equal rewards
This cycle has kept The Banks stagnant for decades.
The Path Forward
To move forward, the structure needs to change:
- The city should bear more of the cost since it gains more
- In return, it should have more control over planning and design
- The county should contribute based on the benefits it receives, like increased sales tax and property values
The Bottom Line
Until this imbalance is fixed, the same disagreements will keep popping up. The Banks isn't a mystery. It's a math problem. One partner pays as much as the other but gets far less in return.
