CINCINNATI, Jan. 7, 2009 (GLOBE NEWSWIRE) -- Keating Muething & Klekamp PLL (KMK) announced today that Cincinnati City Councilman John Cranley has joined the firm as an attorney practicing in the Bond and Municipal Finance area. Cranley will leave City Council effective January 8, 2009.
"I chose KMK for two reasons," stated Cranley. "KMK's reputation as a law firm is superb. Also, I will have the opportunity to work with Dick Spoor, who, I believe, is the best bond attorney in the Greater Cincinnati region."
Cranley continued, "I enjoy helping businesses make things happen. The use of government-revenue bonds is a key element to making business ventures work. While I want to focus my practice on bonds and municipal finance, my clients will have the advantage of a full-service corporate law firm."
Richard D. Spoor, a partner with KMK in the Bond and Municipal Finance practice area stated, "John Cranley's experience in municipal government, and especially his tenure as Chairman of the Finance Committee with City Council, is impressive. Not only is John knowledgeable in the area of government finance and in the issuance of bonds and notes, but he also has been a leader in administering various economic incentive packages and fostering economic development in the city of Cincinnati and the region."
Spoor went on to say, "There is a great deal of similarity in the ideals that John has fostered during his political and civic career and the ideals upon which the foundation of KMK was built and which have allowed this firm to grow over the past 55 years. John's commitment to the Cincinnati community, his dedication to economic development and improvement, his strong work ethic, and his focus on fostering entrepreneurship -- these are all traits that John has in common with the partners of KMK, and they are traits that will facilitate his continued success in this next phase of his career."
According to Mark J. Weber, KMK partner and chair of the firm's Real Estate practice group, "It makes perfect sense that John Cranley would join KMK to pursue a legal career in bonds and municipal finance, given his background and dedication to economic development. For more than 35 years, Dick Spoor has dedicated his legal career to the area of bonds and municipal finance, and he has mentored a number of young attorneys in this practice area. Unlike boutique bond firms, KMK serves corporate clients in many areas of business, including commercial development."
Spoor explained, "There are three areas of municipal bond law: Traditional or government-purpose bonds which relate to the issuance of government bonds; private-activity bonds which are municipal bonds used for private purposes such as the development of manufacturing facilities and non-profit organization development, such as hospitals and schools; and there are incentives afforded by state and local governments to spur private development. Boutique bond firms generally focus on the first two areas of bond law, but KMK concentrates on all three areas. Because KMK represents a great deal of developers in Ohio and Kentucky, we are in a position to help our clients secure state and local incentives, including tax-exempt financing, tax abatements, and municipal bonds."
Cranley noted that the key to real estate development is public-private relationships: "As Chair of the Finance Committee for City Council for the past eight years, I oversaw public-private agreements to bring new jobs to the region. I can use my experience to advance the goals of KMK's clients." Cranley added, "Given the state of the economy, public-private partnerships -- which include the use of bonds -- will be essential to economic recovery."
Paul V. Muething, managing partner at KMK, stated, "Our economy will turn around, and as a firm, we are positioned to help our business clients take advantage of all of the opportunities available to them to grow their businesses. We have a vast amount of experience in the Bonds and Municipal Finance area, especially with Dick Spoor's knowledge and skill. The addition of John Cranley and the expertise he brings to the KMK team will be a benefit to our clients."
On the future of the bond markets, Spoor stated, "It's hard to tell how the Obama Administration will act upon the President-Elect's stated goal of improving the infrastructure in the U.S. and whether any new programs will have a positive impact on the municipal bond markets, because we haven't yet seen any proposals. If funds are given to local governments, as opposed to federal programs controlling the funds, that would be helpful to the bond markets. The new Administration's program may be similar to the revenue-sharing program used by the Nixon Administration years ago -- but it's just too early to know."
Spoor continued, "Also with respect to municipal bonds, there's a proposal to repeal the Alternate Minimum Tax (AMT), which, if backed by the Obama Administration, would help the bond markets and spur economic development."
Spoor went on to say, "Everything is poised for economic recovery -- interest rates are low; if cash is infused in the bond markets and if the AMT is removed from municipal bonds, it should stimulate bond markets for local governments, especially if the focus is on rebuilding the infrastructure. And that, in turn, should stimulate employment."
About John Cranley
Cranley has served eight years on Cincinnati City Council, which is the maximum allowed by law. In December 2000, Cranley was appointed to fill a vacated seat on City Council, serving until November 2001, when he was elected to City Council for a two-year term. He subsequently won re-election in 2003, 2005, and 2007. From 2001 - 2008, Cranley served as Chair of the Finance Committee, and in 2003, he was instrumental in creating Tax Increment Finance Districts in Cincinnati, which have led to increased economic development in the city. As Councilman, Cranley also served on the following committees: Arts, Culture, Tourism, and Marketing; Economic Development; Law and Public Safety; and the Transportation and Infrastructure sub-committee.
Since 2007, Cranley has served as a partner in City Lights Development, LLC, a real estate development company that focuses on mixed-use commercial and residential projects, including a 40,000 square foot medical office building currently being developed.
In addition to his work on City Council, Cranley was the founder and co-director of the Ohio Innocence Project at the University of Cincinnati College of Law (2002 - 2006), which, through the use of DNA-technology, has exonerated three innocent men. During that time, Cranley was also an adjunct professor at the College of Law.
Cranley earned his J.D. from Harvard University (1999), his Masters Degree in Theological Studies (M.T.S.) from Harvard Divinity School (2000), and his B.A. from John Carroll University (1996), magna cum laude. Cranley grew up in the Price Hill neighborhood and attended St. Williams School; he graduated from St. Xavier High School.
Cranley and his wife, Dena, are expecting their first child in April.
About Richard D. Spoor
Since 1972, Richard D. Spoor has focused his practice in the area of Bonds and Municipal Financing. He has worked on a number of large projects, such as the financing for Newport on the Levee, Newport Aquarium, the IRS Building, and Ascent at Roebling's Bridge in Northern Kentucky. In addition, Spoor has served as bond counsel for the Toledo Convention Center, as underwriter counsel for Greater Cincinnati and Savannah Airport financing, and as bank counsel for Kentucky League of Cities and Kentucky Association of Counties Bond Pool Programs.
Spoor was selected by his peers for inclusion in The Best Lawyers in America(r) 2009 in the area of Municipal Law. The Best Lawyers in America 2009 ranked KMK #1 in Cincinnati in Municipal Law and #1 in Cincinnati in Land Use and Zoning law. The Best Lawyers in America 2009 also ranked KMK #1 in Cincinnati in Real Estate Law and #1 in Cincinnati in Corporate Law.
Spoor is admitted to practice law in Ohio and Kentucky. He is a member of the National Association of Bond Lawyers. Spoor earned his J.D. from Harvard Law School (1972), cum laude, and his A.B. from the University of Cincinnati (1966), magna cum laude, Phi Beta Kappa, Omicron Delta Kappa.
KMK's Bond and Municipal Finance lawyers handle all aspects of public finance involving traditional issuers of municipal securities such as state agencies, cities, counties, townships, schools, colleges and universities, as well as special districts such as port authorities and utility (water and sewer) districts in both Ohio and Kentucky. They also serve as underwriters or placement agent counsel, letter of credit bank counsel and bond counsel for taxable variable rate note issues.
About Keating Muething & Klekamp PLL
The law firm of Keating Muething & Klekamp, based in Cincinnati, Ohio, was founded in 1954. KMK has approximately 115 lawyers and a support staff of 150 employees. For more than 50 years, KMK has contributed to the success of many businesses, from Fortune 500 corporations to small start-up companies. KMK's mission is to provide high quality legal counsel to business clients by meeting their identified needs and developing appropriate solutions. KMK's vision is to excel as a law firm by recruiting and retaining the highest quality attorneys and personnel with diverse social, ethnic, and political backgrounds.