Is the Port Authority Catholic?

McAuley

I don’t get it.  Here’s the stated purpose of the Port Authority of Greater Cincinnati:

To implement the redevelopment of the Riverfront and continue the efforts of brownfield (environmental clean-up and former industrial sites)  redevelopment in Cincinnati and Hamilton County.

So why is the Port Authority involved with financing projects for long-term care of the Sisters, Mercy High School, McAuley High School (total of $5,780,000), and St. Ursula Villa ($5,300,000), private schools with tuition over $10,000 a year?  According to the information on their website, they’ve only done 12 financing projects total.

No other schools or nursing homes, secular or otherwise, have received similar treatment. So we have to assume that the Port Authority is Catholic, right?

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2 thoughts on “Is the Port Authority Catholic?

  1. cranewoods

    I am guessing that the Port was just the bond Conduit Issuer for a fee, and not taking any risk., so “Public Financing” would not equate to default risk (if I am right). Fees from the bond issuance and payment collection would then be an income stream to the Port vs payments or guarantees to the projects mentioned. In the case of a default, the borrower or bank or investors would be on the hook, not the Port/Public Agency. Dunno if religious affiliation or public vs private educational institution comes into play and dunno if they were in fact the just the Conduit Issuer – but I suspect they were. Again, just guessing.

    Reply
  2. executivedreamer Post author

    I am 100% sure you’re right, Andy, about being a Conduit Issuer without assuming risk. I guess I’m still confused about the nature and purpose of this agency. Perhaps if Protestant and Jewish organizations had also used Port Authority financing, I wouldn’t be asking questions. Why do we have this agency? Are they there to facilitate loans to any and all? If the Port Authority was formed to develop the Riverfront and do brownfield projects, how in the world do Catholic schools and nursing homes fit into that mission. My biggest concern is the lack of transparency and woefully incomplete access to what should be public information. Makes it look like somebody’s private sandbox with very personal issues being supported.

    Reply

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