Cincinnati Center City Development Corporation
- Assets
- $365.6m
- Revenue
- $43.4m
- Investments
- $0.0
- Employees
- 345
- Location
- Cincinnati, OH
- Founding
- 09/2004
- Data as of
- 12/2020
- EIN
- 20-0446324
Organization Overview
Cincinnati Center City Development Corporation is located in Cincinnati, OH. The organization was established in 2004. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Cincinnati Center City Development Corporation employed 345 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cincinnati Center City Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2020, Cincinnati Center City Development Corporation generated $43.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $77.5m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN THE CORE ASSETS OF DOWNTOWN CINCINNATI, CREATE GREAT CIVIC SPACES, (SEE SCHEDULE O) HIGH-DENSITY/MIXED-USE DEVELOPMENTS, AND PRESERVE HISTORIC STRUCTURES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OVER-THE-RHINE: 3CDC CONTINUED ITS SUMMER PROGRAMMING AT WASHINGTON PARK IN 2021, HIGHLIGHTED BY THE INCREASED POPULARITY OF THE DECK IN ITS FIFTH YEAR OF OPERATION. THE ORGANIZATION HOSTED MORE THAN 250 EVENTS AT THE PARK, DRAWING APPROXIMATELY 5 MILLION PEOPLE TO OTR. 2021 SAW BOTH FREE AND TICKETED EVENTS AT MEMORIAL HALL. ZIEGLER PARK AND POOL CONTINUED TO GROW IN POPULARITY AND UTILIZATION WITH MORE THAN 25,000 SWIMMERS, INCLUDING FREE SWIM LESSONS TO OVER 500 INDIVIDUALS. THE NEW IMAGINATION ALLEY CIVIC SPACE WAS OPENED TO THE PULIC WITH PLANS TO HOLD NEIGHBORHOOD EVENTS, SUCH AS, GRILL OUTS AND MOVIE NIGHTS. THE ORGANIZATION ALSO FINISHED CONSTRUCTION ON ITS NEXT PHASE OF AN AFFORDABLE HOUSING INITIATIVE, PERSERVERANCE PROJECT AND IS EXPECTING ALL PHASES OF THE WILLKOMMEN PROJECT TO BE (SEE SCHEDULE O) COMPLETED IN THE SUMMER OF 2022, WHICH COMBINED WILL PRODUCE 104 AFFORDABLE HOUSING UNITS AND 20,000 SQUARE FEET OF NEW COMMERCIAL SPACE.
FOUNTAIN SQUARE DISTRICT/CENTRAL BUSINESS DISTRICT: IN 2021, 3CDC HOSTED OVER 300 EVENTS AT FOUNTAIN SQUARE, WELCOMING OVER 7 MILLION VISITORS TO DOWNTOWN CINCINNATI. THE NEW COURT STREET PLAZA CIVIC SPACE WAS OPENED TO THE PUBLIC WITH MONTHLY EVENTS, SUCH AS, OPEN AIR MARKETS, FOOD FESTIVALS AND CAR SHOWS. CONSTRUCTION BEGAN ON THE NEXT PHASE OF COURT STREET MIXED-USE DEVELOPMENT, WHICH WILL CREATE 14 CONDO UNITS AND 4,400 SQUARE FEET OF COMMERICAL SPACE. THIS PROJECT CONTINUES THE STEPS TOWARD STRENGTHENING THE CONNECTION BETWEEN THE CENTRAL BUSINESS DISTRICT AND OVER-THE-RHINE. A KEY INITIAL STEP WAS MADE IN THE REVITALIZATION OF THE CONVENTION CENTER DISTRICT THROUGH THE ON GOING CONTRUCTION OF THE FOUNDRY. THIS PROJECT WILL CREATE A STRONGER CONNECTION FROM FOUNTAIN SQUARE TO THE CONVENTION (SEE SCHEDULE O) CENTER DISTRICT, WILL ADD OVER 700 JOBS TO THE AREA AND COMPLEMENT PRIOR PROJECTS IN THIS AREA OF DOWNTOWN 84.51 HEADQUARTERS AND THE RECENTLY COMPLETED 4TH & RACE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen G Leeper President & CEO | OfficerTrustee | 45 | $508,113 |
Adam Gelter Evp, Development | Officer | 45 | $296,078 |
Timothy Szilasi Secy., Treas., Sr. VP & CFO | Officer | 45 | $245,747 |
Lann Field VP Development | Officer | 45 | $166,966 |
Christy Vissman VP Events | Officer | 50 | $162,459 |
Deana Taylor VP Human Resources | 50 | $123,860 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hgc Construction Co Construction | 12/30/21 | $3,963,198 |
Messer Construction Co Construction | 12/30/21 | $12,488,656 |
8k Construction Company Llc Construction | 12/30/21 | $2,489,518 |
Urban Sites Construction Llc Construction | 12/30/21 | $3,698,806 |
Model Construction Construction | 12/30/21 | $2,863,490 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $806,097 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,927,042 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,733,139 |
| Total Program Service Revenue | $63,858,163 |
| Investment income | $868,843 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$26,874,716 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $43,403,938 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $29,845 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,525,481 |
| Compensation of current officers, directors, key employees. | $900,034 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,907,033 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $778,337 |
| Payroll taxes | $498,840 |
| Fees for services: Management | $375,075 |
| Fees for services: Legal | $594,180 |
| Fees for services: Accounting | $265,526 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $266,977 |
| Advertising and promotion | $156,479 |
| Office expenses | $746,044 |
| Information technology | $330,589 |
| Royalties | $0 |
| Occupancy | $6,563,362 |
| Travel | $30,755 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $10,168,899 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,663,321 |
| Insurance | $642,391 |
| All other expenses | $417,602 |
| Total functional expenses | $77,493,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $32,244,515 |
| Pledges and grants receivable | $1,358,970 |
| Accounts receivable, net | $1,250,369 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $26,204,883 |
| Inventories for sale or use | $2,362,044 |
| Prepaid expenses and deferred charges | $554,761 |
| Net Land, buildings, and equipment | $121,175,832 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $20,056,427 |
| Intangible assets | $0 |
| Other assets | $160,355,261 |
| Total assets | $365,563,062 |
| Accounts payable and accrued expenses | $9,950,561 |
| Grants payable | $0 |
| Deferred revenue | $25,263,546 |
| Tax-exempt bond liabilities | $132,237,777 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $203,754,127 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,007,831 |
| Total liabilities | $376,213,842 |
| Net assets without donor restrictions | -$12,332,955 |
| Net assets with donor restrictions | $1,682,175 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $365,563,062 |
Grants Awarded
Over the last fiscal year, Cincinnati Center City Development Corporation has awarded $9,540,957 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Cincinnati, OH PURPOSE: General Support | $9,531,457 |
Cincinnati, OH PURPOSE: General Support | $9,500 |
Grants Recieved
Over the last fiscal year, we have identified 17 grants that Cincinnati Center City Development Corporation has recieved totaling $959,391.
| Awarding Organization | Amount |
|---|---|
Greater Cincinnati Foundation Cincinnati, OH PURPOSE: GENERAL PURPOSE | $286,121 |
Carol Ann And Ralph V Haile Jr Foundation Cincinnati, OH PURPOSE: OPERATING SUPPORT & PROGRAMMING FOR URBAN SPACES | $150,000 |
Carol Ann And Ralph V Haile Jr Foundation Cincinnati, OH PURPOSE: FOUND HOLIDAY PROGRAMMING | $100,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: PUBLIC, SOCIETAL BENEFIT | $95,000 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $74,750 |
John A Schroth Family Charitabletrust Pittsburgh, PA PURPOSE: ZIEGLER PARK PROGRAMMING | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Center City Development Corporation Cincinnati, OH | $365,563,062 | $43,403,938 |
Gateway Economic Development Corporation Of Greater Cleveland Cleveland, OH | $401,423,840 | $30,122,951 |
Capitol South Community Urban Redevelopment Corporation Columbus, OH | $40,052,734 | $27,422,003 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Bellvue Gardens Community Urban Redevelopment Corporation Cincinnati, OH | $29,237,042 | $3,964,847 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |