City authorizes TIF agreements for Humana HQ

Cincinnati City Council has approved an ordinance authorizing a service agreement and a development agreement with Corporex for the Baldwin 300 project on Eden Park Drive.

Terms of the agreements require Corporex to pay equivalent exempted property taxes directly to the City to pay down debt on bonds that the City will issue. This will help finance an 1,100-space, four-story parking garage. $19.95 million of the $21.34 million garage costs will come from these Tax Increment Financing (TIF) funds.

Corporex had asked the City to establish the TIF district to get financing in place so they could start construction as soon as possible.

To expedite the process, the City removed the 4.4-acre parcel from Walnut Hills TIF District 6 and effected the new district immediately through emergency ordinances.

In addition to the parking garage, the $86 million Baldwin 300 project includes a $45 million, 250,000 square foot office building which will allow Humana of Ohio to consolidate its 900 local employees and to add up to 300 new jobs.

Also included will be a 123-room hotel on the south side of the Baldwin Center. No hotel chain has been named, but it is expected to serve primarily corporate guests.

The project is expected to be complete in 2010.

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