Cincinnati City Council is considering an ordinance to extend a Community Reinvestment Area LEED tax exemption agreement to the DeVotie Hall Association for the renovation and expansion of the Sigma Alpha Epsilon house in University Heights.
As part of the agreement, the organization would receive a 15-year property tax exemption to build a two-story wing and renovate 14,800 square feet of existing space at 2707 Clifton Avenue and 2702-2706 Stratford Avenue.
The nearly $3.8 million project would increase living capacity from 32 students to 46 students, increase living space by 7,200 square feet, and would include the upgrade and expansion of the 1925 building's bathroom facilities, mechanical systems, and sprinkler systems.
DeVotie Hall Association has registered the project with the U.S. Green Building Council as a LEED NC 2.2 development.
Seventy-five percent of the increased tax value of the property would be exempt, a reduction of more than $1.1 million in tax liability over the life of the agreement.
If approved, the project would be completed by spring 2010.
In October 2007, two multi-family houses on Stratford Avenue were razed to make way for the expansion.
Previous reading on BC:
Wrecking Cincinnati, 11/8/07 (11/8/07)
Tuesday, June 16, 2009
Cincinnati considering LEED tax exemption for frat's expansion, renovation
