Tuesday, November 11, 2008

$300K approved for Fifth and Race

Cincinnati City Council has approved unanimously $300,000 in pre-development funding for the Fifth and Race site Downtown.

The funding agreement allows development manager 3CDC defray costs for architectural, environmental, and engineering work; financial analysis; market research; construction cost estimating; and surveying.

3CDC was selected to manage development of the site in late October and given one year - with two one-year renewal periods - to select a developer.

Upon approval of a developer by council, 3CDC will manage the construction.

Previous reading on BC:
3CDC may receive $300,000 to develop Fifth and Race (11/3/08)
3CDC to manage Fifth and Race (10/28/08)
Cincinnati adopts motion to bring in 3CDC on Fifth and Race (8/11/08)