The Banks -- inch by inch

Hamilton County and City of Cincinnati officials are inching toward an agreement that would allow the $600 million riverfront development to proceed, Cincinnati Mayor Mark Mallory said Tuesday.

The mayor, along with city and county officials, met at Great American Ball Park with Reds' owner Bob Castellini Tuesday morning. Mallory called Castellini a "facilitator" and said he has been helping the two sides discuss their differences over how to select a developer and pay for the project.

And while the city has called for a mediator to settle some of those differnces, Mallory said Castellini is not playing that role.

"Signs are good that we'll come to some agreement on how to mediate," Mallory deadpanned at the press conference. "That was a joke. Come on, people, lighten up."

There hasn't been much to laugh about, as the two sides have bickered publically over the project for the past four months, with each accusing the other of acting in bad faith.

Mallory said Tuesday's discussions focused on the cost of the project -- a planned mixed-use development of shops, housing, hotels, a park and entertainment -- and the county's plan for paying for it.

The city disputes the county's estimate of the cost for the underground parking garage -- which is vital to the development because it will lift it out of the Ohio River flood plane. The county says the garage will cost $50 million; the city says it will cost closer to $80 million.

There is also disagreement over how much revenue the garage will bring, and how to use that cash. The county wants the revenue to help pay off debt associated wtih building the two sports stadiums; the city would like the revenue to pay for garage construction.

Why do the two sides need a third party to spur discussion on what everyone agrees is the most important development project in the region?

“There are people in this community who have a lot to offer, and have a calming effect,” Mallory said. “Bob Castellini is one of them.

“I think we have a better understanding of the county’s financial structure and how things are put together,” Mallory said. “It’s a free-flowing discussion. We’re inching closer together.”