The next time you look at the fountain, look a little closer. At the top is the 9 foot tall woman deemed The Genius of Water. On the north side is a workman on a burning house asking for water. Facing south, a farmer prays for rain. Finally, on the west a girl is offering a drink of water to a man on crutches. Next time you take a trip downtown, stop by the iconic fountain and take a closer look. Search for a Place or Topic. Fountain Square in It has an eerie past.
A renovation of the Fountain Square North parking garage and the above-grade public plaza was critical to reinvigorating this premier public gathering space. To finance the acquisition of the facilities lease and the subsequent improvements, Fountain Square, LLC issued its adjustable rate taxable securities and also entered into loan agreements with the Cincinnati Equity Fund, the Cincinnati New Markets Fund and the State of Ohio.
The bonds are backed by the gross revenues of the garage, a debt service reserve fund, a first leasehold mortgage on the facilities lease, an assignment of leases and rents on the garage and a security interest in certain additional collateral of Fountain Square, LLC. The refinancing of the senior debt allowed Fountain Square, LLC to significantly lower its interest rate and increase funds available to the subordinated debtholders.
Henry Probasco was a co-owner of the business, which was successful with so many people moving downstream to Cincinnati during that time. Probasco and his partner, Tyler Davidson, wanted to do something to say thank you to the city, and cited the market that was there as an "eyesore," according to Ujvary.
The initial plans for the fountain were stalled by the Civil War, Pender said. After the war was over, Davidson passed away unexpectedly, and Probasco went to Europe to hunt down some designs. Pender says he met a sculptor in Munich, Germany, who had a model of what the fountain is today: A figure with outstretched arms and water flowing down. And so I think it's highly appropriate that it's still, years later, really sort of the centerpiece of our city," Pender said.
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