An ordinance being considered by Cincinnati City's Council's Finance Committee could resolve a conflict between the City's current Community Reinvestment Area (CRA) tax exemption and prior contract language allowing the development of the Schoolhouse Lofts Condominiums in East Walnut Hills.
An agreement between the City and Schoolhouse Lofts Limited Partnership was signed in November 2004 for the renovation of the former Burdett Elementary School at 2700 Ashland Avenue (BIRD'S EYE) into 31 condominium units.
Under the terms of the contract, the eight upper units were considered new construction and thus eligible for a CRA tax exemption of 15 years.
In 2007, the year the project was dedicated, council passed an ordinance changing the CRA exemption for new construction to ten years.
The new council ordinance would reinforce the 2004 agreement for those eight units.
The next meeting of the Finance Committee is Monday at 1 PM at City Hall.
Keith Glaser's $6.5 million Schoolhouse Lofts renovation was funded through the Cincinnati Development Fund and a $1.85 million City subsidy.
The building, which was built in 1895 as the first Walnut Hills High School, had been vacant since 1981.
Friday, June 6, 2008
Council decision could fix Schoolhouse Lofts tax conflict
