Stratacache tower owner: Downtown improvement funds should be spent on safety, not salaries

Other major downtown property owners support the renewal of the special improvement district
Stratacache Tower, 40 N. Main St., downtown Dayton, left of 34 N. Main. THOMAS GNAU/STAFF

Stratacache Tower, 40 N. Main St., downtown Dayton, left of 34 N. Main. THOMAS GNAU/STAFF

The owner of some of Dayton’s tallest high-rises says he has significant concerns about how the Downtown Dayton Partnership spends the money it gets from special assessment fees that downtown property owners will have to keep paying after they were recently reauthorized.

Chris Riegel, founder and chief executive of digital signage company Stratacache — namesake of Stratacache Tower, formerly Kettering Tower — said he thinks too much of the revenue from the special improvement district (SID) assessments go to administration instead of addressing downtown safety.

Officials recently announced they have obtained enough signatures to renew the downtown SID for another five-year period.

Riegel said he pays more than $100,000 annually for SID assessments for the buildings he owns, which includes Stratacache Tower, a 30-story office tower at 40 N. Main St.; the 18-story Premier Health office building at 110 N. Main St; and the former KeyBank Tower at 10 W. Fourth St.

The Downtown Dayton Partnership receives and administers SID funds, which make up the majority of the nonprofit’s revenues. IRS records suggest that salaries accounted for nearly half of the partnership’s expenses (46%) in 2023, the most recent year for which information is available.

The partnership received nearly $1.7 million of its $2.3 million in revenues from the SID that year, the IRS documents state. Total compensation for the organization’s president exceeded $200,000 in 2022 and 2023, though two people served as president in the more recent year.

Downtown Dayton Partnership President Katie Meyer, who took over the organization in the fall of 2023, said the SID services plan will mostly remain the same in the next five years, though safety will be an even higher priority.

The partnership advocates for downtown property owners and works hard to address their major concerns while also finding ways to support economic growth in the urban core, including through public-private partnerships, she said.

“We are an advocate,” she said. “I also would consider us to be problem-solvers: Whether it’s at the micro, individual property or business level or at the broader business community level, oftentimes we are brought in to help define and understand the issues (facing) downtown and help navigate the systems that may improve those, and also make our own investments.”

Riegel said while he believes the downtown Dayton ambassador program is helpful and some of the partnership’s events are worthwhile, he believes more resources should go directly toward investments in safety.

He said the partnership and SID funding should be more heavily focused on addressing safety and quality-of-life issues that are harming downtown like homelessness, substance abuse activities and problems and crime near the Greater Dayton Regional Transit Authority bus hub.

“Unfortunately, DDP (and other Dayton politicians) avoid the difficult issues unless its 90 days before an election,” he said. “There continues to be a substantial leadership void when it comes to tackling hard problems downtown.”

Several other downtown property owners told this news outlet that they want to see more attention and resources directed toward tackling homelessness, the mental health crisis and unwanted downtown behaviors.

Support for SID

Jason Dorsey, designer and developer with Windsor Companies, said his company appreciates the work the Downtown Dayton Partnership does to beautify the streets and keep people safe. Windsor signed the petition to renew the SID for another five years.

“Windsor believes in this program and the possibilities of growth into public safety and awareness,” Dorsey said. “Keeping our frontage clean and inviting proves the DDP’s commitment to its owners and residents.”

Windsor Companies, which is the main developer of the Fire Blocks District, owns and manages 10 residential and commercial properties within the SID boundaries. The company’s SID assessments are about $35,000 annually.

The SID’s core services are going to continue, but in the next five years there likely will be an expansion of support for small businesses, more collaboration with community partners and public space enhancements, said Ryan Powell, chair of the SID board of directors.

“Over the past five years, downtown Dayton has seen continued momentum in the face of headwinds. There have been numerous new businesses, residential growth, increased foot traffic and a stronger sense of community,” Powell said. “The SID will continue to be a catalyst for innovation and investment, helping downtown adapt to changing needs and opportunities while staying true to its identity as the heart of the region.”

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