WEBVTT - 2-24-26 Sloan with Mark Jeffreys

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<v Speaker 1>Do you want to be an American flowing out seven

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<v Speaker 1>hundred w LW. Could this idea help tackle the housing crisis?

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<v Speaker 1>You know, in a housing pinch, housing crunch, and the

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<v Speaker 1>idea is to stack housing on top of firehouses and

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<v Speaker 1>police stations. Council Member Mark Jefferies is here to discuss

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<v Speaker 1>on seven hundred WLW.

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<v Speaker 2>Mark, Good morning morning.

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<v Speaker 1>When I first heard this, I chuckle. It seems I

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<v Speaker 1>don't know why. It just seems silly, you know what

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<v Speaker 1>I mean.

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<v Speaker 2>Yeah, Look, it's it's an interesting you got to think

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<v Speaker 2>out of the box given the crisis that we have

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<v Speaker 2>in housing. Look, this is happening throughout the country on

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<v Speaker 2>any you think about all the types of buildings that

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<v Speaker 2>any city built, Yes, firehouses, police stations, but wrec centers,

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<v Speaker 2>health centers, and we build the base, you know, the

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<v Speaker 2>first floor typically, and there's an opportunity to build a

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<v Speaker 2>couple of floors on top of that. And in a

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<v Speaker 2>lot of other cities that enables a lot more senior

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<v Speaker 2>affordable housing because the economics work. The city's already spending

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<v Speaker 2>money to build a foundation, so then a developer just

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<v Speaker 2>comes in and builds the housing on top. So I

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<v Speaker 2>think it's an opportunity. It's not going to solve our

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<v Speaker 2>housing crisis, but it's one way to add more units

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<v Speaker 2>for people who may want to live in a rangement

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<v Speaker 2>like that. Not for everyone, but some folks may very

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<v Speaker 2>well want to live in earth rec center.

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<v Speaker 1>Yeah, a rec center. I mean you just mentioned police

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<v Speaker 1>and fire stations. I guess maybe the fire station or

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<v Speaker 1>police station, but particularly the fire station. One to me

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<v Speaker 1>is I mean, are you going to be people with

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<v Speaker 1>with that are hard of hearing or hearing issues seniors,

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<v Speaker 1>because it's it's I don't know about if I ever

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<v Speaker 1>a firehouse, I've been around, it's pretty loud.

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<v Speaker 2>Yeah, it's funny. I chuckle at that as well. But

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<v Speaker 2>if you think about I mean, I live in Clifton

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<v Speaker 2>on Love Low. People live literally right next to the

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<v Speaker 2>fire station. Over in Westwood, the firehouses people live across

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<v Speaker 2>or next to it. Most fire trucks these days, when

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<v Speaker 2>they leave, they don't put their sirens on right away anyway.

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<v Speaker 2>And so you know, I mean, yes, as I said,

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<v Speaker 2>it may not be for everyone, but I think it's

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<v Speaker 2>an opportunity to add more housing units. And here's the thing, Scott.

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<v Speaker 2>You know, we added about five thousand people in terms

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<v Speaker 2>of population, and we're only adding about one thousand units

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<v Speaker 2>net of new housing a year. And what that means

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<v Speaker 2>pure supply demand is that as a result, prices are

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<v Speaker 2>going up, and so we need more housing. And this

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<v Speaker 2>is a creative solution that we'll add more housing.

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<v Speaker 1>It's true, not just in Cincinnati but everywhere. The price

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<v Speaker 1>of housing, as we know, is going up exorbitantly these days.

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<v Speaker 1>I had a started earlier this morning at nine oh

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<v Speaker 1>six on the podcast, and the average price Mark Jeffreys

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<v Speaker 1>of a new car as just the average price now

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<v Speaker 1>has just passed the fifty thousand dollars mark. Let that's

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<v Speaker 1>sank in for a second. I mean that's car, but

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<v Speaker 1>housings right up there too.

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<v Speaker 2>Yeah, I mean, look, Scott, the you know, the average

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<v Speaker 2>average age of a new home buyer is forty now.

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<v Speaker 2>Several years ago it was thirty something. In the sixties

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<v Speaker 2>it was twenty. I mean forty, and you take out

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<v Speaker 2>a thirty year mortgage here in your seventies, yep, before

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<v Speaker 2>you're even paying off the pain off the mortgage, and

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<v Speaker 2>the I mean, the American dream is just unattainable, Tony.

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<v Speaker 3>If you're younger, you feel like the screws.

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<v Speaker 1>I mean, I'm someone behind the baby boomer generation and

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<v Speaker 1>I feel like, wow, I'm getting squeezed. I can only imagine,

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<v Speaker 1>you know, you're a gen Z of millennials, but particularly

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<v Speaker 1>Gen z rs right now. But is this enough housing

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<v Speaker 1>units to make a dent in at Mark? I mean,

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<v Speaker 1>what are we actually talking about her?

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<v Speaker 2>Yeah, So, as I preface, it's not gonna solve It's

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<v Speaker 2>going to take a lot of these things we legalize,

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<v Speaker 2>except for dwelling units. You remember that. I me's somebody

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<v Speaker 2>the other day who added it. They moved their parents

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<v Speaker 2>in their backyard and they absolutely love it. You know,

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<v Speaker 2>So you get incremental units. It's not gonna there's no

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<v Speaker 2>silver bullets that's going to solve all of the housing needs.

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<v Speaker 2>But look, if we can add a couple hundred units

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<v Speaker 2>as a result of this, when you when you think

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<v Speaker 2>about it, it's got you know, we sold the railroad.

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<v Speaker 2>We're you know, in principle, we've got twice as much

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<v Speaker 2>investment going into UH into city projects, including we're going

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<v Speaker 2>to build three new firehouses yep. And so over the

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<v Speaker 2>next couple of years we're going to be adding more

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<v Speaker 2>of the structure and and what I've asked the administration

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<v Speaker 2>to do is just look where does it make sense.

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<v Speaker 2>It may not make sense everywhere, but as they look

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<v Speaker 2>at their massive plan of where we're going to build

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<v Speaker 2>new units. I'll give an example in Oakley, we built

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<v Speaker 2>a new rec center there that would have been perfect.

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<v Speaker 2>You know, I know, I do know some people that said, well,

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<v Speaker 2>they would love to live on top of a rec

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<v Speaker 2>center and have a workout, they can go out and

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<v Speaker 2>you know, leave their kids at the daycare. You know,

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<v Speaker 2>again except for everyone.

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<v Speaker 1>But yeah, no, no, that seems like I mean that that

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<v Speaker 1>does seem like a good idea as long as you know,

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<v Speaker 1>I'm curious how many people are going to wind up

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<v Speaker 1>running these places. But how do you ensure that housing's

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<v Speaker 1>built on top of these new structures, Mark Jefferies is

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<v Speaker 1>generally affordable and not just a little less expensive than

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<v Speaker 1>luxury market rates.

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<v Speaker 2>Yeah, I mean, the reality is, I think the economics

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<v Speaker 2>will be in principle much better because if you think

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<v Speaker 2>about let's say a rec center, the city is paying

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<v Speaker 2>to build the foundation, of paying to build the first floor,

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<v Speaker 2>and so that is stun costs for whatever developers and

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<v Speaker 2>developers paying for floors two three, four, five, or whatever

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<v Speaker 2>the case may be. And so in principle, what we've

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<v Speaker 2>seen around the country as a result is those units

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<v Speaker 2>are a lot more affordable, especially for seniors. I mean,

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<v Speaker 2>look to our earlier conversation, and these folks who are

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<v Speaker 2>in their sixties seventies and maybe have fixed income, and

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<v Speaker 2>prices are going up, rents are going up. They need

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<v Speaker 2>predictable places to live where they know exactly how much

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<v Speaker 2>the rent is going to be. And they can't, you know,

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<v Speaker 2>they don't have ciple income for a lot of folks

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<v Speaker 2>who are you know, in their seventies plus.

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<v Speaker 1>Right, Well, I guess what happens is so the city

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<v Speaker 1>would buy property. Let's say they're can develop a rec

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<v Speaker 1>center like an Oakley if you could go in the

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<v Speaker 1>way back machine and do it there. All right, So

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<v Speaker 1>you own, you buy the land very expensive, You build

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<v Speaker 1>the structure as long as you're digging and developing. You

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<v Speaker 1>put down bigger footer so it can support a building

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<v Speaker 1>above a building. And now the developer goes, okay, good,

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<v Speaker 1>we're going to seal or rent these buildings out. Why

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<v Speaker 1>wouldn't they just try to get market rate, which is

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<v Speaker 1>going to be higher than a lot of people can afford.

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<v Speaker 1>Does that undermine the affordability issue?

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<v Speaker 2>Yeah, I mean I think that comes back to who

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<v Speaker 2>we partner with and what developer, and what the agreement

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<v Speaker 2>is with the developer. And that's where in the early

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<v Speaker 2>stages of this right, I've just asked the administration to

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<v Speaker 2>go out and identify where the buildings and then have

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<v Speaker 2>conversations with different developers, especially ones who build affordabllowses, and

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<v Speaker 2>I think that would be part of the agreement, is

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<v Speaker 2>that they're building it income restricted housing on these units.

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<v Speaker 1>Okay, he's got some member Mark Jeffries with a novel

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<v Speaker 1>approach here to help put a dent into the city's

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<v Speaker 1>housing crisis, and it's a crisis that's repeated in every

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<v Speaker 1>town across America, and saying, hey, you know, if the

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<v Speaker 1>city's going to start building new fire stations, police stations,

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<v Speaker 1>rec centers, things like that with the money from the

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<v Speaker 1>railway fund, well, then shouldn't we think about maybe putting

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<v Speaker 1>housing atop some of these buildings. I don't know how

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<v Speaker 1>many people want to live above a fire station or

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<v Speaker 1>police station, but rec centers and other buildings like that.

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<v Speaker 1>Possibly does this help put a small dent, But any

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<v Speaker 1>little bite of the apple, of course, is better than nothing.

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<v Speaker 1>I would say in that regard, though, how many other

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<v Speaker 1>cities are doing this and to what success?

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<v Speaker 2>Yeah, I mean I just saw an example yesterday of

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<v Speaker 2>a smaller city in Oregon, just outside like Portland or whatever,

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<v Speaker 2>and they build housing on top of the libraries in

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<v Speaker 2>town senior affordable, I think, below sixty percent average income.

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<v Speaker 2>There are several cities throughout the country that have done this,

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<v Speaker 2>and so it's not a completely unique approach. It's been

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<v Speaker 2>done before. It just hasn't been done here. And you know,

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<v Speaker 2>it'll drive some incremental units and definitely worth running the ground. Look,

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<v Speaker 2>I mean, it may not resolve everything, but it adds

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<v Speaker 2>a little bit. Then I think we're.

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<v Speaker 1>Much I don't think it's a I don't think it's

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<v Speaker 1>a game changer. Like, for example, the ordinance allows people

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<v Speaker 1>to take their freestanding garages and an accessory dwelling unit

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<v Speaker 1>and turn that into livable housing. That to me seems

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<v Speaker 1>a very novel approach. It's good for the homeowner, it's

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<v Speaker 1>good for tenants. It gets more doors out there that

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<v Speaker 1>we desperately need. But this is you know, it's it's

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<v Speaker 1>I guess it's a practical solution here. You're already going

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<v Speaker 1>to build these things, why not put some extra housing

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<v Speaker 1>above it and try to take some of that load off.

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<v Speaker 1>I mean, no, it makes sense. We're not just building

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<v Speaker 1>things to build them for housing. We're actually constructing things

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<v Speaker 1>that the community needs and then leveraging that because you're

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<v Speaker 1>already on the property in the building. I mean no,

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<v Speaker 1>it makes makes a lot of sense in a lot

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<v Speaker 1>of regards. Long we start small and see how it goes.

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<v Speaker 1>How many properties stop your head, mark, Jefferies, do you

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<v Speaker 1>see or how many developments out there that are pending

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<v Speaker 1>or on the horizon with this money? Now, do you

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<v Speaker 1>see where this would fit in any specific examples of

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<v Speaker 1>where might I do this? I mean, I do know.

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<v Speaker 2>We have at least three firehouses that we're going to

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<v Speaker 2>build in the next few years. I think it will

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<v Speaker 2>probably renovate a couple of health centers. Let me think

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<v Speaker 2>that the city has health centers as well. I mean,

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<v Speaker 2>we're building the over Rye over the Ryane Rec Center now,

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<v Speaker 2>so that's kind of that ship has saaled, you know,

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<v Speaker 2>But you're probably talking about you know, over the next

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<v Speaker 2>ten years, maybe a dozen or so at most, where

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<v Speaker 2>this could apply, but you know, a dozen with maybe

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<v Speaker 2>fifty or fewer units on top, you know that's you

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<v Speaker 2>know that that's yeah.

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<v Speaker 1>Well, I mean you know you're spending the money already.

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<v Speaker 1>The bulk of money, as I said, is in the

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<v Speaker 1>structure buying the land and everything is like a little

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<v Speaker 1>gravy on top. And if you can maybe even make

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<v Speaker 1>some money off that too and put it back into

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<v Speaker 1>the fund, that's probably even better for taxpayer.

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<v Speaker 3>So it works out there.

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<v Speaker 1>Any of these areas you mentioned, and I know it's

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<v Speaker 1>like Frisco is doing it, you said Portland.

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<v Speaker 3>Are there any problems they've run into with this?

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<v Speaker 2>No? I mean, I think it really depends on having

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<v Speaker 2>a strong partner in a developer, and we have a

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<v Speaker 2>lot of local developers who produce especially affordable units, and

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<v Speaker 2>I think it's just making sure that you've got the

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<v Speaker 2>right partner who has a track record of, you know,

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<v Speaker 2>really caring about the types of units that they're developing,

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<v Speaker 2>and we've got a lot of those, so I think

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<v Speaker 2>that's that's really the key. And yeah, are.

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<v Speaker 3>There any liability issues there?

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<v Speaker 1>I mean, you know, police stations can be dangerous places,

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<v Speaker 1>firehouses are noisy, and you've got big equipment coming in.

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<v Speaker 3>There any any risk liability concern No, I mean I.

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<v Speaker 2>Think a lot of the places that do it, they've

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<v Speaker 2>got separate entrances. Obviously you're not going to be walking

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<v Speaker 2>through a firehouse or a police Sah.

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<v Speaker 3>Wait a minute, I don't get to slide down the pole.

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<v Speaker 2>What the hell exactly?

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<v Speaker 3>Late for work?

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<v Speaker 2>I mean a lot of people might feel a little

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<v Speaker 2>bit safer being on top of and as I said, look,

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<v Speaker 2>I mean see the noise issue. There are a lot

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<v Speaker 2>of places in the city where people live right next

0:11:28.480 --> 0:11:32.560
<v Speaker 2>to a firehouse that's sure station and uh, you know,

0:11:32.640 --> 0:11:35.040
<v Speaker 2>they they manage, and so I think a lot of

0:11:35.080 --> 0:11:38.120
<v Speaker 2>folks might feel particularly safe, you know, on top of

0:11:38.160 --> 0:11:39.920
<v Speaker 2>it or right next to the right.

0:11:40.760 --> 0:11:43.200
<v Speaker 1>And you also wanted to build this ordinance to to

0:11:43.360 --> 0:11:45.240
<v Speaker 1>you know, to future profits so someone doesn't come in

0:11:45.280 --> 0:11:47.480
<v Speaker 1>and overturn it. But you know, you're talking such a

0:11:47.520 --> 0:11:51.439
<v Speaker 1>small number of units, I can't imagine it being a problem.

0:11:52.400 --> 0:11:56.800
<v Speaker 1>What about the element though the contentious Southern Way Railway

0:11:56.800 --> 0:11:59.400
<v Speaker 1>Trust Fund, and of course that whole thing was was

0:11:59.440 --> 0:12:01.280
<v Speaker 1>was something can intentions to about what you're going to

0:12:01.320 --> 0:12:03.319
<v Speaker 1>do with the money. And for those who said, wow,

0:12:03.360 --> 0:12:04.880
<v Speaker 1>here we go, we're going to get off in the weeds.

0:12:04.920 --> 0:12:06.560
<v Speaker 1>Now we're going to take this money. It was destined

0:12:06.600 --> 0:12:10.320
<v Speaker 1>for infrastructure, our crappy roads and intersections, lights, public safety,

0:12:10.640 --> 0:12:12.760
<v Speaker 1>maybe some buildings, and now we're going to start building

0:12:12.800 --> 0:12:15.400
<v Speaker 1>housing out of it that has nothing to do with infrastructure.

0:12:15.440 --> 0:12:17.800
<v Speaker 1>That's a separate deal entirely. It feels like a legal

0:12:17.920 --> 0:12:18.839
<v Speaker 1>challenge may come out of this.

0:12:20.720 --> 0:12:23.480
<v Speaker 2>Well, what I would say is none of that. First

0:12:23.480 --> 0:12:27.080
<v Speaker 2>of all, we are legally prohibited from using that money

0:12:27.160 --> 0:12:32.320
<v Speaker 2>for anything other than current infrastructure. And so if we're

0:12:33.160 --> 0:12:38.200
<v Speaker 2>building new infrastructure, that money legally cannot be used. And

0:12:38.240 --> 0:12:41.280
<v Speaker 2>so it is purely for current infrastructure, So it's not

0:12:41.280 --> 0:12:43.320
<v Speaker 2>gonna be used to build housing on top of anything.

0:12:43.600 --> 0:12:46.840
<v Speaker 2>So that money would be a partnership with a developer.

0:12:47.280 --> 0:12:50.800
<v Speaker 2>The city is building the structure or renovating the structure,

0:12:51.120 --> 0:12:53.360
<v Speaker 2>and then on top the developer would cover that. And

0:12:53.360 --> 0:12:56.960
<v Speaker 2>it's your point that can be covered in the legal parameters.

0:12:57.200 --> 0:13:02.080
<v Speaker 2>I think the guardrails on the REIL funds are pretty clear.

0:13:02.240 --> 0:13:04.120
<v Speaker 1>Gotcha, So the rail money would be to build a

0:13:04.120 --> 0:13:07.040
<v Speaker 1>rec center, police station, fire station. If you decide to

0:13:07.040 --> 0:13:09.520
<v Speaker 1>do this element of adding on and building up, that's

0:13:09.559 --> 0:13:12.959
<v Speaker 1>a whole separate fund in different money that's going to

0:13:13.000 --> 0:13:14.559
<v Speaker 1>come in to do that, and it's going to be

0:13:14.559 --> 0:13:15.640
<v Speaker 1>in conjunction.

0:13:15.840 --> 0:13:18.200
<v Speaker 2>Then it's not city money. That would not be city money.

0:13:18.280 --> 0:13:20.600
<v Speaker 2>The city would not be spending a dime on that.

0:13:20.720 --> 0:13:21.520
<v Speaker 3>The developer would.

0:13:21.559 --> 0:13:24.800
<v Speaker 2>Yeah, gotcha, a private developer coming in and building housing

0:13:24.840 --> 0:13:25.880
<v Speaker 2>on top. Got it.

0:13:26.800 --> 0:13:28.920
<v Speaker 1>But again we'll see it's interesting. I don't know how

0:13:28.920 --> 0:13:31.600
<v Speaker 1>the developer doesn't go, Okay, fine, well we're already doing this.

0:13:31.640 --> 0:13:33.320
<v Speaker 1>We'll charge market rates. You're gonna have to put some

0:13:33.320 --> 0:13:35.160
<v Speaker 1>guardrails in there to make sure if you want to

0:13:35.160 --> 0:13:40.160
<v Speaker 1>do affordable housing or market rate housing, you then have

0:13:40.240 --> 0:13:42.120
<v Speaker 1>to instruct them saying, hey, look, you know, we'll do

0:13:42.160 --> 0:13:43.719
<v Speaker 1>this deal, but are you going.

0:13:43.679 --> 0:13:45.480
<v Speaker 3>To put caps in for how much they can charge?

0:13:45.480 --> 0:13:47.760
<v Speaker 1>But that kind of upends the free market because typically

0:13:47.840 --> 0:13:49.920
<v Speaker 1>someone can afford it if it's a nicer place and go, yeah,

0:13:49.920 --> 0:13:52.640
<v Speaker 1>I want to live above a rec center, tender track.

0:13:52.679 --> 0:13:55.160
<v Speaker 1>Maybe more young urban professionals who are going to pay

0:13:55.200 --> 0:13:57.840
<v Speaker 1>top dollar for that. But that then frees up inventory

0:13:58.080 --> 0:13:59.079
<v Speaker 1>down the line a little bit.

0:14:00.520 --> 0:14:03.360
<v Speaker 2>Yeah, I mean I think for you know, like we

0:14:03.440 --> 0:14:05.200
<v Speaker 2>have a lot of developers, like the model groups that

0:14:05.240 --> 0:14:07.240
<v Speaker 2>does development in and around of the line that does

0:14:07.280 --> 0:14:10.720
<v Speaker 2>a lot of affordable units. You know, developers like that

0:14:11.640 --> 0:14:15.040
<v Speaker 2>who can come in and say yes, they intend to

0:14:15.160 --> 0:14:19.280
<v Speaker 2>make the units income restricted. And I think, you know

0:14:19.320 --> 0:14:21.840
<v Speaker 2>that's what we would have to ensure as we write

0:14:21.880 --> 0:14:24.840
<v Speaker 2>the contract and partner with them.

0:14:26.120 --> 0:14:28.520
<v Speaker 1>He's a council member, Mark Jeffers and the Scotslan show

0:14:28.560 --> 0:14:32.200
<v Speaker 1>on seven hundred WLW. And the proposal here to take

0:14:32.520 --> 0:14:36.480
<v Speaker 1>the development from the Cincinnat Southern Railway Trust funds, So

0:14:36.520 --> 0:14:38.920
<v Speaker 1>it's going to be police stations and rec centers and

0:14:38.960 --> 0:14:41.720
<v Speaker 1>firehouses and things, Paul libraries, things like that, and in

0:14:41.760 --> 0:14:44.120
<v Speaker 1>a separate account to housing over the top of some

0:14:44.200 --> 0:14:47.480
<v Speaker 1>of these buildings to alleviate the housing crisis in Cincinnati.

0:14:48.320 --> 0:14:50.360
<v Speaker 1>And you know, it's a creative idea. It's a creative

0:14:50.360 --> 0:14:52.680
<v Speaker 1>solution here. It'll put a small den in things. But again,

0:14:52.720 --> 0:14:54.680
<v Speaker 1>any step forward in the right direction, I think is

0:14:54.960 --> 0:14:55.960
<v Speaker 1>it's a pretty good idea.

0:14:56.000 --> 0:14:59.400
<v Speaker 2>Mark, Yeah, no, I've scotten. The thing that I want

0:14:59.400 --> 0:15:03.760
<v Speaker 2>to emphasize you're books listening is the prior point. None

0:15:03.840 --> 0:15:06.960
<v Speaker 2>of this money for housing on top would come from

0:15:07.000 --> 0:15:10.760
<v Speaker 2>public dollars. This would not be railroad dollars or anything.

0:15:10.800 --> 0:15:13.520
<v Speaker 2>Because I think, you know, initially, when one might see that,

0:15:13.760 --> 0:15:17.880
<v Speaker 2>they might conclude that. I think what it is is, hey,

0:15:17.880 --> 0:15:21.560
<v Speaker 2>we're building these structures anyway, let's partner with somebody who

0:15:21.640 --> 0:15:24.120
<v Speaker 2>then because you've already put this on costs and can

0:15:24.320 --> 0:15:25.320
<v Speaker 2>build housing on top.

0:15:25.800 --> 0:15:29.120
<v Speaker 1>Yeah, and you know I mentioned car is fifty thousand

0:15:29.160 --> 0:15:31.400
<v Speaker 1>dollars the average price of car in America, and the

0:15:31.440 --> 0:15:34.480
<v Speaker 1>housing price of housing and rent is going through the

0:15:34.560 --> 0:15:37.720
<v Speaker 1>literally the roof as well. No pun intended something else

0:15:37.760 --> 0:15:38.400
<v Speaker 1>had happened recently.

0:15:38.440 --> 0:15:38.720
<v Speaker 3>I don't know.

0:15:38.720 --> 0:15:40.840
<v Speaker 1>You only have a second for this. But during his stay,

0:15:40.880 --> 0:15:44.400
<v Speaker 1>the same mayor, after a purevol mentioned his pension bailout

0:15:44.400 --> 0:15:47.520
<v Speaker 1>plan two hundred and fifty million dollars was stuck in

0:15:47.840 --> 0:15:50.160
<v Speaker 1>ten years ago to try and fully fund the city

0:15:50.200 --> 0:15:52.960
<v Speaker 1>pension program. And now it's like, hey, we don't have

0:15:53.080 --> 0:15:55.960
<v Speaker 1>enough money in twenty twenty six, and so now we've

0:15:56.000 --> 0:15:58.280
<v Speaker 1>got another fifty million dollars going in the system, which

0:15:58.280 --> 0:16:00.480
<v Speaker 1>is about, you know, taking a sick if can bite

0:16:00.480 --> 0:16:01.560
<v Speaker 1>out of tax revenues.

0:16:02.400 --> 0:16:04.040
<v Speaker 3>At some point you look at that model and go,

0:16:04.520 --> 0:16:05.760
<v Speaker 3>it's antiquated. It's old.

0:16:06.040 --> 0:16:09.680
<v Speaker 1>That employer funded or city funded pension plan plan doesn't work.

0:16:09.840 --> 0:16:11.600
<v Speaker 1>Why don't we just move everyone in a four to

0:16:11.640 --> 0:16:11.880
<v Speaker 1>one K.

0:16:13.880 --> 0:16:16.320
<v Speaker 2>Yeah, I mean that's a lot bigger discussion. I mean,

0:16:16.360 --> 0:16:20.200
<v Speaker 2>as you know, the Futures Commission had several recommendations on

0:16:20.600 --> 0:16:25.600
<v Speaker 2>solvency on the pension. Uh. The proposal that was outlined

0:16:25.960 --> 0:16:29.840
<v Speaker 2>last week was intended as kind of a compromise with

0:16:30.120 --> 0:16:34.760
<v Speaker 2>the employer or employees actually increased their own contribution and

0:16:34.760 --> 0:16:39.080
<v Speaker 2>then the city in turn is increasing their contribution. So

0:16:39.240 --> 0:16:41.480
<v Speaker 2>it's intended as kind of a balance. But I think

0:16:41.480 --> 0:16:44.400
<v Speaker 2>that's a bigger, longer term conversation is how do we

0:16:44.480 --> 0:16:48.720
<v Speaker 2>make sure that you know, I mean, it's the solvency

0:16:48.920 --> 0:16:53.440
<v Speaker 2>of that fund and the impact on city budgets.

0:16:53.440 --> 0:16:57.680
<v Speaker 1>Well, fixed you know, fixed pension plans are it's a dog.

0:16:57.760 --> 0:17:00.000
<v Speaker 1>I mean, well, it's losing all over the place, teachers

0:17:00.240 --> 0:17:02.680
<v Speaker 1>here in the city of Cincinnati. You can't afford fifty

0:17:02.680 --> 0:17:04.919
<v Speaker 1>million every few years to prop this whole thing up.

0:17:04.920 --> 0:17:06.920
<v Speaker 1>And at some point, you know, four oh one k's

0:17:06.920 --> 0:17:10.359
<v Speaker 1>work wonderfully. I'm in one, and I know people go on,

0:17:10.440 --> 0:17:12.800
<v Speaker 1>there's no guarant there's no guarantees anymore. I mean, pensions

0:17:12.840 --> 0:17:16.320
<v Speaker 1>are you know, an idea that's at least fifty years old.

0:17:16.800 --> 0:17:19.520
<v Speaker 1>They just simply don't work anymore. And I think it's

0:17:19.600 --> 0:17:22.080
<v Speaker 1>unfair to burden people, especially younger tax payers and those

0:17:22.080 --> 0:17:23.960
<v Speaker 1>who are trying to lure to Cincinnati by having to

0:17:23.960 --> 0:17:24.680
<v Speaker 1>pay the freight on this.

0:17:26.160 --> 0:17:27.800
<v Speaker 2>Yeah. I mean, look, I have a four to one

0:17:27.840 --> 0:17:30.840
<v Speaker 2>k myself for my company and my wife through her

0:17:31.320 --> 0:17:35.640
<v Speaker 2>pediatric office as well. So I mean, I hear you.

0:17:36.440 --> 0:17:39.040
<v Speaker 2>I think this is a larger discussion that we need

0:17:39.080 --> 0:17:41.520
<v Speaker 2>to have that came out of the Futures Commission of

0:17:41.600 --> 0:17:44.280
<v Speaker 2>how do we make sure that our fiscal health is

0:17:44.359 --> 0:17:48.040
<v Speaker 2>strong going forward? Yeah, and you know there's a lot

0:17:48.080 --> 0:17:49.119
<v Speaker 2>more that we need to do on that.

0:17:49.280 --> 0:17:52.119
<v Speaker 1>Yeah, we'll have a separate conversation there, but that definitely

0:17:52.119 --> 0:17:54.720
<v Speaker 1>has to change. He's concol member Mark Jeffries. Thanks for

0:17:54.800 --> 0:17:56.360
<v Speaker 1>jumping on the show again. Mark, have a great day.

0:17:56.840 --> 0:17:57.879
<v Speaker 2>Appreciate it's got tick.

0:17:57.920 --> 0:17:58.600
<v Speaker 3>Tack care all the best.

0:17:58.680 --> 0:18:00.320
<v Speaker 1>Let me get a news updated and that's a five

0:18:00.359 --> 0:18:03.760
<v Speaker 1>minutes away here on seven hundred wwe whipsov whether we

0:18:03.840 --> 0:18:06.360
<v Speaker 1>have warm temperatures. We've got more snow comingting and then

0:18:06.359 --> 0:18:09.880
<v Speaker 1>more warm temperatures. As Mom would say, you're gonna get sick,

0:18:09.920 --> 0:18:12.600
<v Speaker 1>You're gonna catch your death. Full forecast traffic. All that

0:18:12.760 --> 0:18:15.240
<v Speaker 1>just minutes away. Here on the Big One, seven hundred

0:18:15.280 --> 0:18:19.479
<v Speaker 1>ww iHeartMedia and seven hundred w DOW salute Cincinnati's own

0:18:19.480 --> 0:18:21.200
<v Speaker 1>Procter and Gamble. If you've got someone there you'd like

0:18:21.280 --> 0:18:23.280
<v Speaker 1>for us to recognize on air, text their name to

0:18:23.400 --> 0:18:25.439
<v Speaker 1>fifty one eight eighty one and be listening