Cincinnati Museum Center (CMC), Union Terminal LLC (UT) and Union Terminal Corporation (UTC) have secured historic tax credit investment and bridge financing from PNC Bank, Bank of America Merrill Lynch and Fifth Third Bank that will help fund the restoration of Union Terminal.
“The community preservation of Union Terminal brings together public and private partners who recognize the rich history this grand building brought to our city’s past, while also appreciating the economic value its restoration brings to Cincinnati’s future,” said Kay Geiger, regional president of PNC Bank, Greater Cincinnati and Northern Kentucky. “The renewed landmark will offer educational, cultural and economic development benefits to our community for generations to come.”
The historic tax credits are a significant source of funding for the project.
PNC is providing $56.5 million in financing to bridge sales tax proceeds, philanthropic pledges and a State of Ohio capital grant. Bank of America Merrill Lynch has made a $40.3 million equity investment in the project in connection with federal historic tax credits.
“Bank of America Merrill Lynch is pleased to invest approximately $40 million in historic tax credit equity to help preserve and restore the iconic Union Terminal, home to Cincinnati Museum Center,” said John Panno, senior vice president of community development banking at Bank of America Merrill Lynch. “Participating in such an important project demonstrates the Bank’s commitment to creating safe and strong communities by promoting economic development and supporting the local arts community.”
Fifth Third is lending $28.5 million to provide bridge financing for the historic tax credit investment.
“We are proud to be a part of the revitalization of this important part of Cincinnati’s history,” said Tim Elsbrock, regional president of Fifth Third Bank, Greater Cincinnati. “The renovation of Union Terminal not only celebrates our city’s culture and our past, but it lights a spark of possibility for our future.”
In addition to historic tax credits, the restoration of Union Terminal is funded by a Hamilton County sales tax, a $5 million capital grant from the State of Ohio and $7.5 million in private philanthropy, which has already been raised for the project. The five-year, one-quarter of one percent Hamilton County sales tax was approved by 62 percent of Hamilton County voters in November 2014 and is expected to yield $175.7 million to the project.
“What we’re seeing with the restoration of Union Terminal is more than just securing the future of a National Historic Landmark and the home of an award-winning multi-museum complex,” says Wick Ach, president and treasurer of Union Terminal Corporation. “This is the collaboration of funders, local government and businesses making an investment in our community to enrich our families, friends, neighbors and visitors.”
Originally built in 1933, Union Terminal has suffered over eight decades of water damage. Following the review of the Cultural Facilities Task Force in 2014 and an additional year of planning and analysis, construction and historic preservation crews began work in earnest in July 2016.
Experienced workers are in the process of meticulously repairing damaged masonry and historic glass and metalwork on the building exterior. Outdated mechanical, electrical and plumbing systems will also be updated, making the building more efficient to operate. Inside, historic spaces are being rehabilitated and architecture and artwork are in the process of being restored.
“Union Terminal is a National Historic Landmark, architectural icon and a cultural leader of our city,” says Elizabeth Pierce, president and CEO of Cincinnati Museum Center. “We’re so thankful for the investment of PNC, Bank of America Merrill Lynch and Fifth Third and that they are committed to securing Union Terminal’s long-term future.”
The construction techniques used in the building of Union Terminal between 1929 and 1933 and the subsequent interventions over eight decades present a variety of challenges to the masons and preservation architects addressing them.
The outdated techniques have resulted in significant water damage; bulging and cracking of the exterior limestone and bricks, and rust on the structural steel. Crews work layer-by-layer, removing limestone or brick, then the terracotta tile underneath before finally reaching the structural steel, assessing and repairing each layer as they go.
Once treated with a combination of paints, the steel is covered by interior brick and face brick or limestone with expansion joints added to prevent future cracking and bulging. In addition to ongoing treatment of structural steel and exterior masonry around the building, here’s a look at the work coming up this month:
1. The historic fountain and plaza, so critical to the historic fabric of the building, is in the process of being temporarily removed. A small crew of skilled workers are meticulously removing all historic limestone, granite and fountain fixtures, cataloging them and storing them in a secure location while work continues on the plaza.
Once the removal of historic stone and fountain finishes is complete later this spring, crews will begin waterproofing the area below (which forms the roof for portions of the Union Terminal’s lower level) to prevent future water damage. Once complete, the fountain and plaza area will be rebuilt in a precise manner.
2. A crane will begin removing limestone blocks from the pillars supporting the iconic clock on the front of the building. Once the limestone is removed, the steel underneath will be cleaned and treated while the limestone is repaired.
3. A 550-ton crane with over 330 feet of reach will remove nine air handling units from the roofs, including those on the wings of the building that house the Museum of Natural History & Science and Cincinnati History Museum, the historic Losantiville Dining Room and atop Tower A, the original control tower of the train yard.
In the coming months, new air handling units will be installed on rear rooftops and the rear mechanical yard that will more efficiently cool the building.
4. New classroom space is being roughed out with new walls and ductwork on the Lower Level inside the Cincinnati History Museum. The classrooms will continue to take shape and will offer expanded space for interactive programming.
5. A concrete slab is being poured in a formerly unused space with a dirt floor. The space, located adjacent mechanical and storage areas, also shares a wall with the Museum of Natural History & Science. The new concrete floor stages the space for future exhibits and/or collections.
Number to know: 14 – The 140 cubic yard concrete pour over the dirt floor will require a minimum of 14 truckloads of concrete. That concrete will then be trekked indoors to the pour location, a half yard at a time, with motorized buggies.
To receive email updates or want more information about the repair and restoration of Union Terminal, visit www.myunionterminal.com .
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