Southbank Partners has announced an investment of $2.7 million dollars across 2.5 miles of projects for the regional Riverfront Commons project set to start in Summer 2024.
These five projects are key pieces to completing Riverfront Commons, a 20-mile multi-use path along the riverfront, which will connect the river cities from Devou Park in the west to Pendery Park in the east. It has been Southbank Partners’ signature project since the early 2000s.
“These exciting projects represent a significant step forward in our ongoing efforts to develop the Northern Kentucky riverfront into a vibrant, accessible, and sustainable destination for all,” said Will Weber, President and CEO of Southbank Partners.
These projects would not be possible without the generous support of St. Elizabeth Healthcare, RC Durr Foundation, meetNKY, and the Commonwealth of Kentucky.
Vital funding was also provided through the efforts of Kentucky State Senator Chris McDaniel, a Kenton County Republican who secured $2.5 million for Southbank in the state’s 2022 budget.
“I’m proud of the work that Southbank has continued to do to make our riverfront cities vibrant,” said Sen. McDaniel, chairman of the Senate Appropriations & Revenue Committee. “I’m honored to have been able to secure the funding to ensure that this momentum continues for years to come.”
The current round of funding for Riverfront Commons follows the award of a $4.7 million RAISE grant project that funds the planning, design and engineering for sections of Riverfront Commons. All told, funding secured for Riverfront Commons has totaled $8 million over the last five years.
This regional project will provide a common thread connecting the various developments planned as part of the “$5 billion mile” along Northern Kentucky’s riverfront.
“The recent funding is propelling Riverfront Commons forward in a transformational way,” said Weber. “We look forward to continued collaboration with regional partners to bolster the impact this project has to connect our communities and create a vibrant riverfront.”
The five projects are as follows:
Newport – James Taylor Park (Riverboat Row and Earthen Levee)
• Repair/ Replace .5 miles of Riverfront Commons on top of the earthen levee (Levee path); and design, engineer, and construct .5 mile of Riverfront Commons in James Taylor Park (Rivers Edge path)
• Distance: 1 mile
• Estimated Completion Date: Spring 2025
Newport – Port of Entry (Dave Cowens and Riverboat Row)
• Improve Riverfront Commons and the adjacent area along Dave Cowens Drive and Riverboat Row through various enhancements and maintenance projects
• Distance: 1 mile
• Estimated Completion Date: Fall 2024
Ludlow – Phase 2: Ludlow Memorial Park (Adela Ave. to Hooper St.)
• Construct a .25 mile section of Riverfront Commons
• Distance: .25 miles
• Estimated Completion Date: Fall 2024
Silver Grove – Phase 1: 4-Mile Trailhead (4 Mile to Ash Street)
• Design, engineer, and construct .2 miles of Riverfront Commons in Silver Grove along Mary Ingles Highway from 4-Mile to Ash Street.
• Distance: .2 miles
• Estimated Completion Date: Summer 2025
Dayton – Berry Street Connection (Berry Street and Manhattan Harbour Blvd)
• Design and engineer a connection from Phase 2 of Riverfront Commons in Dayton to the intersection of Berry Street and Manhattan Harbour Blvd.
• Distance: .1 miles
• Estimated Completion Date: Fall 2024
Southbank Partners
Royal LePage released its latest market forecast on Friday, and right off the top it reveals that the aggregate price of a home in Canada is expected to lift 9% year over year by the fourth quarter of 2024.
“The previous forecast has been revised upward to reflect a stronger-than-expected first quarter,” the Canadian real estate company says. “Nationally, home prices are forecast to see strong price appreciation through the second and third quarters, and taper off in the final months of the year, as is the seasonal norm.”
Royal LePage has additionally upgraded their previous forecasts in “most major markets,” with the Greater Toronto Area anticipated to see a steeper jump compared to what’s in store nationally, at 10% by the fourth quarter. Closely following the GTA is Montreal, where prices are expected to accelerate 8.5% year over year. After that, Royal LePage is forecasting that Calgary and Quebec City will see prices climb 8%, while Greater Vancouver is due to see a 5.5% jump.
Royal LePage
“Many consumers, particularly first-time buyers, who have the capacity to transact have accepted and adapted to the higher borrowing cost environment. Thus, the modestly-rising home prices we are experiencing today,” says Royal LePage President Phil Soper in reference the fact that, as of the first quarter, the aggregate price of a home in Canada has increased 4.3% annually to $812,100.
“Once the central bank does make a move, and that first highly-anticipated cut to rates is made, even if it is only by 25 basis points, I expect we will see the price appreciation curve steepen upwards when the highly rate-focused crowd jumps into the market,” Soper adds.
Though the easing rate realities are bound to play a role in the uptick in prices, it won’t be the only factor at play. “It is the severe shortage of housing in markets small and large in virtually every part of the country that remains the main culprit,” says Soper.
He also warns that Canadian buyers and sellers are in for “a normally busy spring” and “an uncomfortably busy fall.”
“It is clear we are rapidly transitioning away from a buyers’ market and back to an environment where the seller has the upper hand,” he adds.
Looking forward a couple of years, Royal LePage’s forecast notes that “almost all mortgages taken out before the Bank of Canada started raising its key lending rate in March of 2022, will have transitioned through a renewal cycle and into an elevated borrowing rate environment” by the end of 2026.
But that isn’t expected to be a “material drag” on Canadian housing, Soper says.
“Two years into the post-pandemic period, about half of mortgages have rolled off those record lows, and Canadians continue to meet obligations to their lenders, with the national mortgage default rate remaining at near historic lows,” he explains. “Further, income growth and the period of flat home prices have helped to mitigate the impact of increased mortgage costs. People will go to great lengths to hang onto their homes, so we can expect a pull-back in discretionary spending, including on travel and entertainment.”
Housing prices in Latvia went up more rapidly in Q4 2023 when compared to the same period of the year prior. Prices grew by 1%, which is more rapid than the average housing price growth in the EU, according to data published by Eurostat for 26 member states.
The fastest year-on-year increase in housing prices was recorded in Poland (13%), Bulgaria (10.1%), Croatia (9.5%) and Lithuania (8.3%). In Estonia, house prices went up by 5.8%.
In general, housing prices in Q4 2023 went up in 18 EU member states for which data is available. The most rapid drop, however, was in Luxembourg (-14.4%), Germany (-7.1%) and Finland (-4.4%).
In EU member states, the average annual housing prices increased by 0.2% in October, while in Eurozone they decreased by 1.1%. On a quarterly basis, housing prices in the EU fell by 0.3% on average in the fourth quarter and by 0.7% in Eurozone.
In quarter-on-quarter terms, housing prices went down in 11 member states of the bloc, with the sharpest drop observed in France (2.7%), Latvia (2.5%), as well as Denmark and Sweden (2.3% in both), with the largest increases recorded in Poland (4.8%), Croatia (3.4%) and Ireland (3%), while in Italy they remained unchanged. In Lithuania, housing prices increased by 1.5% and in Estonia by 2.1%.
No data is available for Greece.
SACRAMENTO – One of the largest vacant lots in downtown Sacramento is getting a new owner. The Shingle Springs Band of Miwok Indians is buying the parcel.
The nearly two-acre lot sits along the Capitol Mall, near the tribe’s ancestral village.
“The fact that we’ve got a local ownership group that is coming in to help write the next chapter of downtown Sacramento is going to look like,” said Scott Ford of the Downtown Sacramento Partnership.
The land once proposed to be the metropolitan towers and later a CalPERS building that would be the tallest in the city was purchased by the Shingle Springs Band of Miwok Indians.
“We can only be a successful city unless we are created by those that live in this area,” Ford said.
“By re-acquiring our ancestral lands, we’re reclaiming our history, our traditions and a deeper connection to our ancestors,” the Shingle Springs Band of Miwok Indians said in a statement.
CalPERS told CBS13 that it was the right time to sell given the market.
“The real estate market has been impacted by a lot of things. You mention the recession, the pandemic dramatically changed how things work in downtown markets,” said James Scullary with CalPERS.
After over $50 million was invested into the site, CalPERS sold it for around $17 million.
“So while we would’ve loved to have been part of developing this property we decided selling it was in the best interest of our members,” Scullary said.
The downtown Sacramento partnership sees the chance for a truly transformational moment in a key part of the city.
“We want to continue to be as competitive as possible and have a healthy mix of uses in the downtown core,” Ford said.
The tribe says they don’t have any specific plans for the lot just yet.
FNG Exclusive… FNG has learned that experienced FX and CFDs industry executive Lea Wang has launched a new firm offering consultancy services for multi-asset brokers, called 4XTC (at website 4xtc.io).
Lea Wang, who is based in Cyprus, was EVP and COO of FX broker CRM and Affiliate management solutions specialist PLUGIT for three years (2019-2022), and previously served as Head of Global Account Management for broker tech and liquidity solutions company PrimeXM, where she worked for four years.
FNG is pleased to speak today with Lea about the new venture 4XTC, what brokers do well and what they need help with, and a whole lot more about what’s going on in the industry.
FNG: Hi Lea, and thanks for joining us today. Please let us know a little more about your decision to set up 4XTC, and what you do.
Lea: Hi, thanks for having me today, I appreciate this opportunity to shed light on 4XTC.
4XTC, short for Forex Technology Consultancy, offers consultancy services for multi-asset brokers globally, particularly focusing on financial technology. With our team, we assist brokers in operating and managing various tech systems. Additionally, we’ve cultivated strong partnerships with a wide range of providers, catering to the diverse needs of the entire brokerage life cycle. Therefore, we also help brokers identify the optimal solutions for their specific needs through our extensive network.
The inception of 4XTC was actually client-driven. Over the past decade of my career in the Financial Trading industry, both in Fintech companies and brokerages, I consistently received inquiries and requests from clients, partners, and colleagues to help manage their systems and bridge connections between providers and brokers. As the number of such requests continued to increase rapidly, and required more in-depth involvement, with my technical partners came into the picture at the right time, we collectively decided to formalize this collaboration into an official business, thus establishing 4XTC. So together, we embarked on something new, leveraging our existing expertise in the field.
FNG: Which types of services (and clients) will you be focusing on initially?
Lea: Our clients are mainly multi-asset brokers from around the globe, both start-ups and established entities. This may sound broad, but it is related to the nature of our business: we focus on two main types of services: technical system administration and management (A&M) services, handled directly by our team of tech experts; and assisting brokers in finding and engaging with the best matching providers for other business needs through our extensive network of partners.
As for our A&M services, they are particularly popular among new brokers who do not have an established in-house team. In such cases, we serve as their dedicated tech team, assisting in configuring and managing essential tech systems, including trading platforms, bridge and execution engines, liquidity and order routing engines, risk systems, and hosting environments. This helps reduce their market entry time and costs significantly, ensuring a stable and accurate middle and back-office setup, allowing them to go live in days rather than months (from hiring, training new employees and actually being able to configure systems to deliver expected results).
Established brokers also use our A&M services, especially when launching new platforms and systems, such as different trading platforms, prop trading platforms, social trading platforms, and other plugins and tools. As our tech team members have solid experience and knowledge of mainstream systems in the market, for the established brokers, we act as an extended tech team alongside their in-house tech departments, guiding and assisting them in handling new launches, daily monitoring and troubleshooting, adding additional security, efficiency and accuracy to the setups.
In addition to our A&M services, clients come to us asking for help with licensing, banking and payment solutions, as well as finding specific tools, and even acquisition and resell of companies. Through our connections, we identify providers that best suit clients’ needs on a case-by-case basis. We don’t impose specific providers or force bundle solutions, only aiming to provide our clients with the freedom to choose partners they are comfortable working with, in order to forge healthy and long-term business relationships for all parties involved.
As per the targeting clients’ segments, to be frank, we have not done marketing or pushed for cold sales so far, clients approach us either through prior acquaintance with us or word-of-mouth referrals, likely for our relaxed, open and professional approach. We appreciate and cherish this trust a lot and hope to always deliver good services and value to our clients. We value and treasure this trust deeply, hope and aim to provide consistent excellent service to our clients.
FNG: From your perspective of having worked extensively on both the brokerage and B2B sides of the business, what do FX/CFD brokers do well and in what areas do they generally need to improve? And how can 4XTC help in those areas?
Lea: There are many brilliant systems in the market capable of performing various functions. However, they are often complex and require a significant amount of time to learn and configure. The harsh reality is that barriers to learning and operating them limit their accessibility to only a small group within the industry. This hinders more brokers from benefiting from these systems and slows down the spread of quality systems in the market.
On the broker’s side, they often face challenges in finding suitable providers due to factors like language barriers, geographical distance, or lack of information. It’s unfortunate when good systems and providers cannot be widely utilized to create significant value for businesses. This is where 4XTC steps in to create value for both providers and brokers.
By bridging the gap between the two parties, we help brokers find global providers that enhance their business value and save time and costs. Additionally, for systems that brokers cannot handle internally, we not only assist with setup but also provide ongoing management. In this way, we facilitate knowledge sharing to enable our broker clients to fully leverage the powerful features of these systems, to achieve obvious lower risks and increased profitability. More importantly, with our help to offload tech operation burdens, brokers can focus their efforts on customer acquisition, improving user experience, and developing new marketing strategies to drive business growth.
FNG: What else can we expect to hear from 4XTC in the coming months?
Lea: Mutual growth is at the core of what we care about at 4XTC. This applies to our company, our clients, and our partners. We focus on taking good care of our team members, ensuring everyone can learn and grow within their roles as the company grows. We also work hard to provide our clients with ethical and transparent support, help them overcome operation challenges and serve as a reliable backbone so they can run their businesses smoothly. Last but not least, we keep in mind that always nurturing our partnerships with different providers, fostering healthy relationships to support mutual growth.
In the upcoming months, we plan to steadily expand our team with like-minded individuals to accommodate our growing client base while maintaining our high standards of service. We are also always welcoming new partnerships with various providers. This year we will be participating in expos in different countries, and we welcome everyone to reach out, connect and catch up with us.
And at last, I’d like to take this opportunity to express our gratitude to everyone who has placed their trust in us, supported us, and collaborated with us. I would also like to thank the FX News Group team for the interview.
MOUNT VERNON — Interest income from the county’s investment portfolio was stronger than expected in 2023.
“It was a little over $1.1 million, way over what we anticipated,” County Treasurer Shelley Coon told the county commissioners on Thursday.
That compares to a little over $435,000 in interest earnings in 2022.
Coon estimated $700,000 in interest revenue for 2024 budget purposes but believes it will be higher.
Coon met with the commissioners along with Scott Gruber and Harold Meadows of Meeder Investment Management. Meeder is the county’s investment portfolio financial advisor.
As of Feb. 29, the county’s $77,430,450 portfolio included $41,121,905 in securities and $36,308,545 in cash. Coon said the cash was a bit inflated because she had not yet distributed property tax receipts to the schools, townships, and other entities.
The average maturity of securities is 2.38 years with an average yield of 2.75 percent. Forty percent is in three- to five-year assets.
Gruber recommended increasing the amount in the longer-term investments to lock in current interest rates, which are around 4 percent.
He noted that while the economy is still pretty positive, economic indicators warn of recession. Global conflict, elections, and AI’s impact on the labor force are additional areas to watch.
Meadows said the market expects rates to decline in 2024. While no one knows exactly when, the Federal Reserve is expected to cut rates in June and possibly May.
“There are still some really good rates out there for the long term,” Meadows said.
What money goes into the investment portfolio?
Revenue comes into the county every day, but the county does not necessarily spend it every day.
“Instead of putting that money in a checking account where it gets zero interest, they invest it until it’s needed,” explained County Administrator Jason Booth.
The $12.1 million the county received in American Rescue Plan Act money is an example of money that could go into the investment portfolio.
The money came in two installments in June 2021 and June 2022. However, not all of the projects are completed. Until they are and the bills become due, the county can invest the unused portion of the ARPA money.
Another example is the money Knox DD used for its recent building expansion. Superintendent Steve Oster said DD saved money for six or seven years to pay for the nearly $2 million price tag.
Other examples include grant money received in January for projects that start in July, the carryover amount that funds the county in the first quarter of a new year, and local dollars used to match grant money.
Booth acknowledged that $70 million seems like a big number but noted it is spread across 100 departments.
The county can only invest in assets guaranteed to return the principal amount plus interest. No variable rates are allowed and assets must have a high rating.
Toyota on Tuesday announced a $1.3 billion investment at its flagship Kentucky facility for future electrification efforts including assembly of an all-new, three-row battery electric SUV for the U.S. market.
The project brings the plant’s total investment to nearly $10 billion and reinforces Toyota’s commitment to high-quality vehicles and long-term job stability.
The investment supports the previously announced future BEV assembly at Toyota Kentucky. It also adds a battery pack assembly line to the facility, with batteries being supplied by Toyota Battery Manufacturing North Carolina.
“You cannot think of the Bluegrass region and Scott County without thinking of Toyota,” said Kentucky Gov. Andy Beshear. “We are grateful that they continue to invest in our Commonwealth and continue to set a standard for high-quality, well-paying jobs for our citizens. Thank you, Toyota for yet another $1 billion-plus investment coming to Kentucky.”
Toyota Kentucky has been a hub of the automaker’s North American operations since 1986. Its nearly 9,400 team members have assembled some of the most beloved nameplates in the Toyota lineup, including the Camry – America’s best-selling passenger car for 22 consecutive years.
“Today’s announcement reflects our commitment to vehicle electrification and further reinvesting in our U.S. operations,” said Kerry Creech, president of Toyota Kentucky. “Generations of our team members helped prepare for this opportunity, and we will continue leading the charge into the future by remaining true to who we are as a company and putting our people first for generations to come.”
Toyota is also committed to investing in its operational communities, primarily focusing on education and workforce development. Since making Kentucky home nearly four decades ago, more than $154 million in local donations continue to make sizeable impacts in the Bluegrass state. Our partnerships and support of 48 education and workforce training initiatives in 2023 alone has helped strengthen the foundation for our future.
“Every investment Toyota makes is proof of its commitment to employees,” said Chris Cohelia, group leader at Toyota Kentucky. “I joined this company 26 years ago as a production team member. Job stability, competitive pay and opportunities for growth are all reasons I love working here. It’s also exciting to be a part of the team building Toyota’s first battery electric vehicle in North America.”
Since 2021, Toyota has announced new investments totaling $17 billion into its U.S. manufacturing operations to support electrification efforts. Increasing BEV assembly in North America advances Toyota’s portfolio approach to electrification and commitment to building where we sell.
Toyota
MANSFIELD — Kelly Blankenship would like the City of Mansfield’s money to make more money.
That’s why the city’s new finance director is asking City Council on Tuesday evening to consider an updated investment policy that is more in line with state investment guidelines.
Blankenship said the current city investment policy is more restrictive than Ohio’s rules and would like the ability to invest up to 5 percent of the city’s investments in “commercial paper.”
These are shorter-term investments in private companies, likely no longer than 270 days, that pay a higher rate of interest then low-yield treasury bonds and other longer-term investments, Blankenship said.
“Right now, that is costing us money in this economy with interest rates what they are,” said Blankenship, who took office a month ago.
“When you are talking about millions of dollars, that’s significant,” she said. “The policy we are asking City Council to consider is in line with that the state allow us to do and it will allow us to take advantage of opportunities we are currently not taking advantage of.”
As the city’s finance director, Blankenship is the chief fiscal officer of the city. She is tasked with collecting all taxes, assessments and monies due and also disbursing funds as authorized, selecting depositories and investing city funds.
The city’s policy was adopted in 1994 and amended in 1999, 2003, 2012 and 2013. The latest amendment came after former Finance Director Linn Steward took office in 2012.
Blankenship, who replaced Steward in January, said her office plans to work with advisers from Meeder Investment, which has worked with local governments around the state for 30 years, according to its website.
“Meeder is one of the largest (investment firms) in the state. I am very confidence in their team to vette companies for us. They have high standards for companies in which they would allow their clients to invest,” she said.
“I have full faith in our advisers not to suggest we invest in a company which cannot repay it,” Blankenship said.
A vote on the proposed investment policy change is not scheduled until March 20. But timing is essential, according to Blankenship.
“We fully anticipate the Fed will drop (interest) rates later in the year. Now is the time to take advantage of the higher rates available if you want your money to make more money for you,” she said.
In other scheduled activity Tuesday:
— Members of Boy Scout Troop 121 from Mansfield will visit council and will lead in the Pledge of Allegiance.
— Council is expected to vote on the reappointment of Al Berger and Dennis Atkeson to the Airport and Aviation Commission for additional four-year terms.
— Council is expected to vote on the renewal of an annual software maintenance agreement with Superion LLC, a CentralSquare company, for $102,275.82. The company provides a software suite that consists of computer-aided dispatch, records management system, automatic vehicle location and mobile computer terminals for the police department.
— Council is expected to vote to retitle a case coordinator position in the Law Director’s office and create a position of deputy court administrator in the Municipal Court.
— A public affairs committee is scheduled for 6:40 p.m. Council caucus is set to begin at 7 p.m. with the legislative session following immediately thereafter.
All meetings are open to the public at the Mansfield City Building, 30 N. Diamond St. Park
by the police department in the parking lot on the corner of Adams and Third streets, and take the elevator to council chambers on the third floor.
The public can view committee meetings, caucus and legislative sessions via Livestream on the City of Mansfield’s Facebook page link. — https://www.facebook.com/cityofmansfieldoh/
It’s also available on the city’s website at http://www.ci.mansfield.oh.us/.
(Below is a PDF showing the Mansfield City Council agenda and scheduled legislation for Tuesday evening.)
New data shows that Canadian home prices ended the year on a “downward trend,” and aren’t expected to bottom out until at least late spring.
The latest Teranet-National Bank Composite House Price Index — it’s representative of observed or registered home prices across 11 CMAs, so long as they have been sold at least twice — fell 0.5% on a seasonally adjusted basis between November and December, marking the third straight month of decline.
Before adjusting for seasonal effects, the index slipped 1.3%, which was the largest drop since November 2022.
Although a number of local real estate boards reported stronger-than-anticipated sales activity last month — for instance, the Toronto Regional Real Estate Board reported an 11.5% uptick in sales between December 2022 and 2023 — National Bank of Canada Economist, Daren King, writes that transaction levels were still too “weak” to meaningfully prop up prices.
“Persistent affordability issues (despite the recent drop in fixed mortgage rates), combined with a less buoyant job market, have contributed to the decline in property prices,” King adds.
“Despite a less vigorous economy, we are not yet witnessing a wave of additional supply on the real estate market. In fact, active listings declined in December, and the number of months of inventory fell from 4.2 in November to 3.8 during the month, helping to limit the fall in prices.”
Although the composite index represents a “weighted average” of observed or registered home prices in Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montreal, Quebec City, and Halifax, Teranet and National Bank track prices across 31 Canadian cities in total. Of those, close to 60% saw home prices soften to some degree.
Cities that saw home prices slip last month included Victoria (-3.9%), Vancouver (-1.5%), Toronto (-0.8%), Ottawa-Gatineau (-0.3%), Guelph (-7.0%), Peterborough (-4.9%), and Kitchener (-4.3%). Conversely, price gains were recorded in Calgary (+2.3%), Halifax (+2.2%), Quebec City (+0.9%), Hamilton (+0.9%), Winnipeg (+0.6%), and Montreal (+0.5%), Sherbrooke (+5.9%), and Barrie (+5.6%). Prices remained flat in Edmonton.
“For the months ahead, prices should continue to decline despite the support of historical population growth and the shortage of housing supply, as the deterioration in the labour market is set to continue. We expect the composite index to return close to its early 2023 low by late spring, with a cumulative decline of around 8% from its April 2022 peak,” says King.
“For their part, the interest rate cuts expected to begin in Q2 should set the stage for market stabilization in the second half of the year.”