A $20 million (or was it $30 million?) rejection

The attempt to buy The Banks project from Hamilton County wasn’t a secret plot by Council Members, Cincinnati Mayor Mark Mallory said today.

“It came to me from Chad Munitz,” Mallory said of the city’s economic development director.

“The (city) administration put that together.”

Mallory said he took the idea to Hamilton County Commission President Phil Heimlich who took the weekend to think about it and ask others for advice – before rejecting it.

The offer was $20 million from Cincinnati in exchange for Hamilton County ceding its right to The Banks – the proposed $600 million retail/commercial/residential neighborhood on Cincinnati’s riverfront.

The $20 million, Mallory said, was the $10 million Hamilton County initially was promised by a developer last year, but that money fell through when the developer pulled out plus $10 million as an inducement.

“The land down there’s not worth that much,” the mayor said. “We wanted to make a realistic offer.”

That $20 million was specified to be used for the $225 million jail Hamilton County officials admit they have to build soon.

Because of his friendly relationship with Heimlich and as further inducement, Mallory also offered to use “my contacts in Columbus” to help Hamilton County possibly get another $10 million from state coffers for the jail.

Before becoming mayor, Mallory was the State Senate assistant minority leader.

Heimlich rejected the city’s offer.