Mallory Neighborhood Endowment Program

How It Works
Source of Revenue: Funds would be generated through the sale of the city’s Blue Ash Airport.
The estimated revenue from the sale is between $20 million and $30 million.

Local Allocations: Using a conservative estimate, the sale of the Blue Ash Airport could bring
$21 million to the city. That money would then be invested and the interest
income would be divided equally among each of Cincinnati’s 52 community
councils. Each community council would be able to invest a portion of the
interest income each year. Based on a 5% annual return on investment, each
council could expect $20,000 per year. Market conditions will determine
whether this amount is greater or smaller.

Uses of Funds: Neighborhoods would have wide latitude with regard to allowable projects.
Money could be used for capital improvements, economic development,
public safety, parks enhancement, streetscapes, or whatever each
neighborhood feels is appropriate. Specific project eligibility rules and
program guidelines would be developed by the mayor’s office, City Council,
and the city attorney with input from neighborhood leaders. The intention is
to allow any projects that have a strong likelihood to improve a neighborhood
and which are supported by the neighborhood’s community council.

Fiscal oversight: City staff would be responsible for eligibility determinations, investing the
capital, accounting, and monetary disbursement. Money would not be given
directly to community councils and would be distributed to vendors according
to specified rules.

Carryover: Neighborhoods that wish to accumulate money in their endowments across

years would be allowed to do so. The additional interest earned by leaving
the principal in the account would also accrue to the neighborhood.

Additional Program The airport sale will relieve the city of the need to continue pouring
Benefits: operating dollars into the airport. This means the sale of the land will have
additional financial benefits for the city. The value of the airport to the city is
limited by the fact that Blue Ash controls the zoning and permitting rights on
the property.