The interchange at Interstate 71 and MLK Drive in Cincinnati, which was jumpstarted by a critical loan held by OKI, has been paid off 15 years early!
The MLK interchange planning study was completed in 2005 but languished for lack of funding. In 2013, Ohio Governor John Kasich and the city of Cincinnati could not find agreement for the last $25 million needed to construct the project.
Enter OKI!
OKI engineered a unique solution with Ohio and the City to close the gap. In an unprecedented decision, OKI’s board of directors pledged a 25-year, $25 million loan to the project with funds from Ohio’s Infrastructure Bank. This loan, along with funds from ODOT, the City and other sources moved the $111 million project forward. Over the years, reengineering of the project – plus unexpected declines in construction costs – lowered the cost of the project and the size of the loan to $9 million.
Completed in 2017, the project transformed Uptown with four new entrance and exit ramps, a widened MLK Drive and the reconstruction of two miles of I-71. The project also included the construction or rehabilitation of eight bridges. This collaborative effort between OKI, the Ohio Department of Transportation and the city of Cincinnati has proven to improve access to the Uptown area, the area’s second most significant economic hub.
The impact of the interchange extends far beyond improved traffic flow. The Uptown Consortium, a group focused on the area’s development, initially predicted economic benefits to Uptown and the region to total $1 billion. Recently, studies by the University of Cincinnati Economics Center have shown Uptown has seen $3 billion in economic activity and investment in less than a decade.
Beth Robinson, former CEO of the Uptown Consortium, has seen the value of the MLK interchange. “There are many reasons for the dramatic growth of Uptown over the past decade. Certainly, the MLK interchange provided the critical infrastructure that linked Uptown with the region. The interchange has brought the community closer and showed investors a modern mobility solution to the congestion that plagued Uptown in those years. OKI’s clever interchange solution and its belief in Uptown as a powerful regional asset, played a major role in the revitalization of Uptown.”
Mark Policinski, CEO of OKI, said, “OKI’s historic investment in MLK showed our belief in the economic promise of Uptown, the benefits to the Uptown communities and its value to the tens of thousands of residents from the entire region. The success of MLK shows what can be accomplished when federal, state and local governments work with community leaders to craft solutions that benefit the 2.1 million residents of this region.”
OKI is privileged to be the catalyst of this transformative collaborative transportation project and proud to paying-off the loan early, thereby saving millions of taxpayer dollars. The new exit has transformed Uptown Cincinnati into a more accessible and economically vibrant district, attracting businesses, residents, and visitors. This investment will have a lasting positive impact on the city for years to come.
Thanks to HDR, Inc for use of their images.
Data source: https://ohioeda.com/progress-update-for-mlk-reading-road-redevelopment/
