and Best Wishes!
Date posted: March 1, 2017
Know of someone or an organization across Greater Cincinnati who deserves a "pat
on the back", a "high five", or congratulations on their great efforts or achievements?
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Cincinnati Museum Center (CMC), Union Terminal LLC (UT) and Union
Terminal Corporation (UTC) have secured historic tax credit
investment and bridge financing from PNC Bank, Bank of America
Merrill Lynch and Fifth Third Bank that will help fund the restoration
of Union Terminal. The historic tax credits are a significant source of
funding for the project.
PNC is providing $56.5 million in financing to bridge sales tax
proceeds, philanthropic pledges and a State of Ohio capital grant.
Bank of America Merrill Lynch has made a $40.3 million equity
investment in the project in connection with federal historic tax
credits. Fifth Third is lending $28.5 million to provide bridge
financing for the historic tax credit investment.
In addition to historic tax credits, the restoration of Union Terminal is
funded by a Hamilton County sales tax, a $5 million capital grant
from the State of Ohio and $7.5 million in private philanthropy,
which has already been raised for the project. The five-year,
one-quarter of one percent Hamilton County sales tax was approved
by 62% of Hamilton County voters in November 2014 and is expected
to yield $175.7 million to the project.
"Union Terminal is a National Historic Landmark, architectural icon
and a cultural leader of our city," says Elizabeth Pierce, president
and CEO of Cincinnati Museum Center. "We're so thankful for the
investment of PNC, Bank of America Merrill Lynch and Fifth Third
and that they are committed to securing Union Terminal's long-term
|Union Terminal Secures Restoration Funding
|IMPACT 100 to Award $404,000 to Area Non-profits
Impact 100 continues a 15-year legacy of giving with the
announcement of the 2017 transformational grant program. This
year, this premier women’s philanthropic organization has raised
more than $400,000 to award to area nonprofit organizations.
Thanks to a membership roster more than 400 women strong, with
participants ranging in age from their early 20’s to their 80’s, Impact
100 has raised a total of $404,000 to award four $101,000
transformational grants. All members will have a chance to evaluate
the finalists. The funds will be awarded evenly to four area initiatives
during Impact 100’s annual awards celebration on September 12th.
“It is a testament to the humanitarian spirit of the women of our
region that Impact 100 has gone from offering one grant in 2002, to
offering four $101,000 grants in just 15 years.” said Donna Broderick,
president of Impact 100, “More importantly, these dollars have
improved and, in some cases, changed the lives of many of those
served by the organizations which have received our grants.”
Impact 100 empowers women to dramatically improve the 10-county
Greater Cincinnati/Northern Kentucky/Southeastern Indiana area by
collectively funding grants to charitable initiatives. The organization
accepts new members every day, and encourages women from all
backgrounds to join this giving circle.
The group has received a record number of grant applications—116
from organizations in Southeastern Indiana, Northern Kentucky and
Greater Cincinnati. Candidates submit applications for funding
through one of five key IMPACT areas: Culture, Education,
Environment, Family, and Health & Wellness. Applications from
those who have already submitted a letter of intent are due Friday,
March 24, 2017.
Previous Impact 100 grant recipients include: Women’s Crisis
Center, Freestore Food Bank and Elementz Hip Hop Arts Center. To
learn more about Impact 100, or for information on next year’s 2018
grant application process, visit http://www.Impact100.org
High-fives IMPACT 100!
Union Terminal restoration underway.
Photo | Cincinnati Museum Center