Funding John G. and Phyllis W. Smale Riverfront Park
John G. and Phyllis W. Smale Riverfront Park is “Bringing It” with a blend of Federal, state, local and private funding. “Let’s Bring It—Together!”
As of February 2017, almost $97 million in funding has been secured to construct Smale Riverfront Park, a $120 million project:
- Federal Funding —$15 million
- State Funding —3.5 million
- City Funding —$34.9 million
- Hamilton County —$.550 million
- Private Funding—$43 million
Cincinnati Parks Foundation continues to file grants to support this project. Representatives have already met with over 50 community organizations and corporations to present the Smale Riverfront Park project.
Capital Funding is Debt Free!
- Up to $50 million is targeted to come from the Federal government
- Over $10 million is targeted to come from State Funding
- Over $20 million is targeted to come from Local Funding
- $40 million has been raised privately to complete and partially endow the Park.
- The revenue generated through the commercial opportunities will help support the ongoing operational needs of the Park
- The first phase of the Park is estimated to cost $600,000 annually to operate.
- Operating costs will be offset by a variety of funding sources, including:
- Revenue from the restaurants and cafes in the Park
- Fees from special events and festivals
- Tax support
- Fees from The Banks development
Park costs are estimated to be $2.5 million/acre. This cost is equal to or less than other comparable waterfront parks, including:
- Chicago Millennium Park = $17.6 M/acre
- Capital City Landing, Indianapolis = $3.55 M/acre
- Charleston, S.C. = $3 M/acre
- Louisville Waterfront Park = $1.4 M/acre
- Berry Friendship Park (Cincinnati)= $1.5 M/acre
- Tall Stacks / Yeatman’s Cove (Cincinnati) = $1.8 M/acre