Tuesday, March 24, 2009

Gateway III funding agreement to be amended

The capital funding agreement for the third phase of 3CDC's Gateway Quarter project is likely to be amended for a second time.

Cincinnati's Department of Community Development has discovered that some planned streetscape improvements, including the filling of basement encroachments on private property, are not eligible for tax increment financing (TIF) funds.

To cover the improvements, the City will amend the capital agreement to reduce the amount of housing rehabilitation funding by $300,000 and add $300,000 for the basement encroachment portion of the streetscape.

The TIF funding agreement will be amended to replace the $300,000 in housing rehabilitation funds lost in the capital agreement.

The total amount of funding in each agreement will not change.

Part of the streetscape improvements include filling basement encroachments, blocking in private foundations with masonry, and moving utilities at 1107-1109, 1111, 1113, 1115, 1117, 1125, 1225, 1300, 1313, 1321, and 1323 Vine Street.

Improvements also include the burying of public utilities, new traffic signals, decorative street lighting, new sidewalks, new street trees, and new sign and meter poles.

The City signed capital funding and TIF agreements with 3CDC in December 2007, offering $3.1 million with the expectation that the developers' investment would be no less than $24.5 million.

The project includes 108 new residential units and more than 15,000 square feet of retail space.

Previous reading on BC:
City Home hits the market (2/25/09)
Model Group releases Trinity Flats rendering (2/23/09)
Lackman Lofts photo update, 2/7/09 (2/12/09)
Fourteenth and Vine photo update, 2/7/09 (2/11/09)
Lofts of Mottainai photo update, 2/7/09 (2/10/09)