Cincinnati City Council has approved unanimously a Community Reinvestment Area (CRA) LEED tax exemption for Red Bank Crossing II, which is expected to create 60 new jobs within the next three years.
Red Bank Crossing II is a $600,000 renovation of an existing 30,000-square-foot building, part of an office and retail campus being developed by Neyer Properties along the 4400 block of Red Bank Road (BIRD'S EYE).
The developers have also registered Red Bank Crossing II with the U.S. Green Building Council as a LEED for Core and Shell project.
Both the Neyer Properties and the City envision the building supporting a general or medical office use, with an annual payroll impact of $2.4 million.
The agreement will exempt approximately $1,580 in annual property taxes over a period of 12 years, while supplying the City with over $50,000 in additional annual earnings tax revenue.
The renovation should be completed by July.
Previous reading on BC:
Red Bank Crossing seeking CRA LEED exemption (3/26/08)
Thursday, April 3, 2008
Cincinnati council approves Red Bank CRA
