Tuesday, November 07, 2000

Bond issue moves ahead

Firm considers Newport

By Terry Flynn
The Cincinnati Enquirer

        NEWPORT — A fine-jewelry manufacturing company could soon leave Cincinnati and take over the former Otto Zimmermann Printing Co. building on Third Street across from the Newport on the Levee development.

        Jonathan Cohen, president of I.B Goodman Co., which has a factory on John Street in Cincinnati's West End, was on hand at the Newport City Commission meeting Monday night when commissioners approved the first reading of an ordinance to issue $2 million in industrial development revenue bonds for the project.

        “I've been a resident of Newport for five years,” Mr. Cohen said after the meeting. “It's a great place to live. ... It could be a good place to do business. We're exploring relocation on both sides of the river. That's all I can say now.”

        I.B. Goodman would buy the building from local developer David Hosea, who bought it from the Zimmerman family this year for $800,000.

        If a purchase agreement and other details can be worked out, the Goodman company would use the bonds to complete improvements and alterations at the two-story structure necessary to move the jewelry manufacturing operation into the building.

        City Attorney Mike Schulkens pointed out that the city would not be under any liability for payment of the bonds, acting only as the government body needed to acquire the bonds for Goodman.

        Commissioners also received an updated summary of damage claims related to the gas/water main incident in October that initially stopped gas service to 3,708 households and businesses in the city.

        The city has reviewed a total of 417 appliances identified by the owners as having been damaged by water in the gas line.

        As of Monday, 158 repairs had been made, 136 stoves had been replaced and another 26 stoves were to be replaced this week. The city has also received 44 calls for reimbursement from residents who replaced appliances on their own.

        City financial office Greg Engelman told commissioners that some residents were still finding water in their gas lines.


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