CINCINNATI -- Patrons of The Banks could soon be paying a little more for food and drinks.
A City Council committee voted Wednesday morning to approve organizing a group that will help re-invest funds into future programming along the riverfront development.
The vote for approval will go before Cincinnati City Council on Thursday.
If approved, patrons would see a “community development charge” on receipts from some establishments, but it would only be a few cents on the dollar. That money would go toward paying for future events within the district.
Advocates expect to raise over $500,000 a year with the plan; over $5 million dollars would be generated over the next decade.
Tracy Schwegmann, of Jeffrey Anderson Real Estate, said the goal is to attract more Greater Cincinnatians to the development.
“We have a lot of fantastic spaces down at The Banks that are begging for activation, and we'd like to be able to pull together as a community and fulfil our mission and offer folks more reason to come down to The Banks on a greater greater level of regularity,” Schwegmann said.
If the plan is approved by city council, the group will have to create a Board of Trustees and create by-laws before any decisions can be made.
