Huntington Bank is going to “revitalize” an Ohio State University neighborhood

I haven't looked into this. . . so this is simply a wild guess based on what has happened in the past to revitalizing "blighted" neighborhoods close to valuable real estate belonging to a powerful entity. The poor and low income move out; the yuppies, students and professional classes move in; the former residents move to the suburbs where they have fewer services, churches, social clubs; families and friends are scattered; new non-profits and government agencies spring up to help, employing the people now living in the old neighborhood; the cycle continues requiring even more investment by the tax payer.

Just six months into the agreement — in which Huntington gets the title of official consumer bank of Ohio State and can market directly to faculty, staff, students and alumni — there are early signs of just how transformative that investment could become.

Each month, Huntington has sent out a cadre of bankers to canvas the target neighborhoods to get an idea of what interest there is in using the bank as a resource and where the need is highest. Of the $100 million set aside, $75 million is earmarked for private lending — such as small business owners or homeowners — and commercial real estate firms to revitalize those neighborhoods.

Huntington, which is working informally with Campus Partners in the University District and PACT (Partners Achieving Community Transformation) in the Near East Side, will use the other $25 million for direct equity investment in those neighborhoods via community projects or development opportunities.

With input from those living and operating businesses in the Near East Side, PACT (eastpact.org) — a partnership between the city of Columbus, Ohio State and the Columbus Metropolitan Housing Authority — is creating a master plan for its community that is expected to be ready by the end of this year. Having a partner like Huntington with resources at the ready puts PACT a step ahead in how quickly it can implement its plan, said Dawn Tyler-Lee, PACT executive director. As one of the PACT founders, Ohio State is committing $10 million to the revitalization project.

http://oncampus.osu.edu/2012/08/huntington-agreement-will-revitalize-key-osu-neighborhoods/