Cincinnati Council is expected to vote Wednesday to issue $8 million worth of bonds to finish another portion of Smale Riverfront Park. That borrowing likely will mean city homeowners will not see a decrease in a portion of their city property taxes.
Issuing bonds is essentially the same thing as taking out a mortgage on a house. You get a large lump sum of money up-front and then pay it back over a long period of time. The city sets aside a portion of its property tax revenue to make these payments.
Mayor Mark Mallory, quickly coming to the close of his eight years as Cincinnati mayor, used a combination of serious talk, comedic one-liners, videos and slide shows Tuesday night to make the case that he has helped turned a struggling city around.
Before a crowd of about 200 invited guests on a set dressed like a living room at Over-the-Rhine’s Ensemble Theatre, Mallory talked for an hour and five minutes about the legacy he leaves when he vacates the mayor’s office Dec. 1.