City Council Votes on Development in September

9/04/2014  CRA Tax Exemption Agreement with 1544 Central Parkway LLC  for improvements in vacant buildings for expansion of Chatfield College, total construction cost of approximately $2,684,000, 12 years, 100%

9/04/2014  15 W. 14th St. CRA Agreement with OTR Holdings for remodeling of existing structure for new bar and yoga studio, 10 year, 100%, $704,000

9/04/2014  1801-1805 Elm St,  CRA Agreement with OTR Holdings LLC for remodeling of existing structure , 3 floors of office space and one floor or retail or restaurant, $1,928,000, 10 year, 100%

09/04/2014  1200 and 1208 Main St.  CRA Agreement with SoLi Holdings LLC , 4 commercial units and 13 apartments, $488,000, 100% 10-year tax exemption

9/24/2014  32 W. 6th St.  Vacant commercial building to convert to 62 market rate apartments, CRA LEED Tax Exemption Agreement  100% property tax abatement 12 years, Race St. Development  $5,300,000 improvements

9/24/2014  Lease & Development Agreement with Model Group, Inc,  1800 Race St. , 1804 Race St, 24 W. Elder St. in conjunction with the properties they own adjacent to these city properties to be known as the Findlay Market Redevelopment; Lease term on city owned property:  39 years at a rate of $1/year with the option to purchase for $1.   54,171 sf of retail & office space, including office space to be used by the developer as their new headquarters  $12,893,558  (estimates 212 temporary construction jobs, 180 permanent jobs within 3 years of completion)  Fair market value of lease:  $6,500/yr, fair market value of property: $106,000

Note:  Preferred Developer on these city owner properties is 3CDC.  Model Group submitted an application and was approved for the project.

9/29/2014  Amendment to Sale & Development Agreement for property at 6620 Montgomery Road for the Kennedy Heights Cultural Center, Kennedy Heights Development Corporation.  City purchased building from Cincinnati Public Schools in 2011 for $750,000.  Original agreement indicated Cincinnati Art Museum, Kennedy Heights Montessori Center, and a yet-to-be-named non profit would occupy the center.  Amended agreements states the Art Museum will be replaced by the Kennedy Heights Arts Center and another Ohio non-profit.

9/24/2014 Amendment No. 6 to Lease Agreement for development of 111 unit residential apartment tower, air rights over garage at 7th & Broadway, Broadway Development 2001, reduces lease payment for first renewal term through 2078 to $10/yr and results in the permanent loss of 6 parking spaces with a retail value of $76,000

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