A conflict between the City's current Community Reinvestment Area (CRA) tax exemption and prior contract language approving the development of the Schoolhouse Lofts Condominiums in East Walnut Hills has been resolved, making the eight upper units exempt from property taxes for 15 years.
A new City Council ordinance reinforces a 2004 agreement between the City and Schoolhouse Lofts Limited Partnership for the renovation of the former Burdett Elementary School at 2700 Ashland Avenue into 31 condominium units.
Under the terms of the contract, the eight upper units were considered new construction and thus eligible for the 15-year CRA tax exemption that was standard at the time.
In 2007, the year the project was dedicated, council passed an ordinance changing the CRA exemption for new construction to 10 years.
The building, which was built in 1895 as the first Walnut Hills High School, had been vacant since 1981.
A search of the Greater Cincinnati MLS shows that 10 of the 31 units are currently available.
Previous reading on BC:
Council decision could fix Schoolhouse Lofts tax conflict (6/6/08)
Tuesday, June 17, 2008
Schoolhouse Lofts exemption approved
