Council: Found $300,000

Two Cincinnati projects will be able to be completed now that the City has identified a source of funding.

Late last month, City Council passed a motion directing the City administration to find $300,000 to fund the completion of the Mount Adams streetscape project and a parking lot for a Goodie's BBQ Restaurant at Glenway and Dewey avenues (BIRD'S EYE) in Price Hill.

A capital account for each project will be established with $150,000 apiece.

Funds for the projects will be taken from the Riverfront Utilities capital account, which was established to relocate existing utility lines and install new utility infrastructure as part of the central riverfront street grid.

Those funds will not be needed this year.

It is possible that some or all of these funds will be replenished by the sale of the City-owned property at Fourth and Race streets if a proposal by Councilmember Jeff Berding goes through.

Berding has proposed selling the office and retail building to MMF Realty for $250,000, well below its City-appraised value of $780,000.

MMF Realty, who has developed The McAlpin condominiums nearby, has held a long-term lease to redevelop the vacant site but has made no improvements in over three years.

City Council is split on the sale, and legislation authorizing it hasn't been scheduled for a vote.

If that sale isn't allowed to go through, the $300,000 will likely be available in the City's 2009 capital budget from surpluses remaining in prior budget accounts.

Previous reading on BC:
Council: Find $300,000 (4/3/08)