Council to consider CRA LEED tax exemption for Herald Building

Rendering by DNK Architects

Cincinnati City Council will soon consider a Community Reinvestment Area (CRA) LEED Tax Exemption Agreement for the new Avondale headquarters of the Cincinnati Herald.

The agreement would exempt the building from real property taxes for a period of 15 years in return for the creation of 25 additional jobs by the end of 2011.

The three-story, 46,000-square-foot office building, which is part of the Uptown Consortium's redevelopment project, will also house employees from Cincinnati Children's Hospital Medical Center and an undetermined retail tenant.

The additional jobs are expected to produce $32,130 in new income tax revenue for the City, or a net gain of $208,000 over the life of the exemption.

The $7.78 million building will be constructed to the U.S. Green Building Council's LEED for Core and Shell standards, which covers building materials and mechanicals.

Official LEED certification for the project is pending.

By law, CRA LEED Tax Exemption Agreements for commercial properties require City Council approval.

An ordinance to grant the agreement is currently in Council's Finance Committee.

Previous reading on BC:
Burnet Avenue photo update, 12/24/07 (1/2/08)
Burnet Avenue plan to go before Urban Design Review Board (10/4/07)
Enquirer: Burnet Avenue dedication (9/26/07)
PC to consider final plan of first Burnet phase (9/20/07)
City sells land to Uptown Consortium for $1 (6/25/07)