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KeyBank Loans Executive to City of Cleveland; Helps Drive Economic Growth Through Social Compact

KeyBank Loans Executive to City of Cleveland; Helps Drive Economic Growth Through Social Compact

Published 02-10-05

Submitted by KeyBank

CLEVELAND - KeyBank (NYSE: KEY) will loan vice president of Community Development Banking, Stephanie Turner, to the City of Cleveland over the next six months to help spur new investment in the city through results of "The City of Cleveland Neighborhood Market DrillDown," a major study conducted by Washington D.C.-based Social Compact and jointly released by Mayor Jane L. Campbell and Key late last year.

The DrillDown reveals fundamental business attributes and market characteristics of urban Cleveland that indicate far greater potential for business development and job growth than otherwise indicated by conventional research and census reports.

Turner, who facilitated Key's involvement with the city and Social Compact during the DrillDown execution and release, will lead DrillDown report presentation and distribution efforts to parties in and beyond Cleveland including developers, retailers, community development corporations (CDC), real estate brokers, nonprofits and academia. These efforts will range from producing collateral materials to courting retailers at the International Council of Shopping Centers Convention in May and conducting local site visits that give developers a firsthand look at traffic flow and current development which, itself, is an attractor and a key to generating momentum.

Additionally, Turner will arrange for the DrillDown's continued upkeep and monitor resulting economic growth and community development by tracking where progress is occurring, how many dollars are staying in Cleveland neighborhoods and how those dollars are contributing to overall prosperity.

Key is in the position to be more receptive to lending to those using the study as part of their business cases, according to Turner, who reports that interest in Cleveland and its untapped $828 million urban cash economy is growing. To date, Key and the city have issued more than 130 copies of the DrillDown report nationally.

"Large national retailers, business owners and developers, and local CDCs are increasingly intrigued by the DrillDown report when they look at the methodology and consider what locating to Cleveland could mean to their businesses," says Turner. "It's another lens for developers to look through when evaluating markets. Successes resulting from DrillDowns conducted in Harlem, NY and urban areas in Chicago, Houston, Jacksonville, FL and Washington D.C. are peaking their interest in urban Cleveland as a profitable market as well."

Turner urges local residents to do their part as well, observing that many retailers often request their patrons' zip codes at the point of purchase, which can mislead those businesses into thinking their store is covering a market.

"Many urban Cleveland residents have no choice other than to travel to the suburbs if they wish to shop at some stores," says Turner. "If you're that inconvenienced, don't disclose your zip code, so the opportunity to shop at a future store in your neighborhood presents itself."

Obtain a copy of the City of Cleveland Neighborhood Market DrillDown report by calling
216-828-8733.

Social Compact
Launched in 1990, Social Compact is a coalition of business leaders who have joined forces to promote successful business investment in undervalued communities for the benefit of current residents. Its goal is to ignite private business investment initiatives that will fuel the long-term competitive strength of lower-income communities. Social Compact has pioneered the Neighborhood Market DrillDown to address some of the key barriers to private investment in and around inner-city neighborhoods - namely undependable market information and negative stereotypes. The Neighborhood Market DrillDown is a unique market analysis model built on innovative sources of dependable, business-oriented data designed to reveal the fundamental business attributes and market characteristics of urban communities. unique characteristics of the inner city in order to capture density, hidden populations, cash economies and micro-market development patterns that exist below the radar of traditional market information sources. For more information, visit www.socialcompact.org/.

KeyCorp
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $91 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

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KeyBank

KeyBank

KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $176.2 billion at March 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,100 branches and more than 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. 

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