Rendering: Click to enlarge
Cincinnati City Council has approved an ordinance authorizing a service agreement and a development agreement with Neyer Properties for the Keystone Parke office project on in Evanston.
The agreement establishes a Tax Increment Financing (TIF) district for the site of the project's first phase, a $15 million, 67,000 square foot office building.
The TIF district contains land with a Dana Avenue frontage, roughly between Realistic and Floral avenues.
The City also established a TIF fund into which debt service for the issued bonds can be depositied.
The project, which is estimated to cost $100 million, will include three buildings totalling 465,000 square feet of Class A office space.
Streetscapes along Dana Avenue and a refurbishing of the adjacent Evanston Playfield are also part of the project. Parking will be supplied in the lower levels of each of the three buildings and on surface lots.
An early estimate for completion of the three phases was 2010. This has not been officially revised.
Layout of Phase I TIF: Click to enlarge
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Thursday, July 5, 2007
Keystone Parke TIF agreements established
