Cincinnati City Council is considering an ordinance to execute a Community Reinvestment Area tax exemption agreement for the renovation of a three-story, ten-unit apartment building in Columbia Tusculum.
Emerson Place Apartments, LLC plans a $325,500 rehabilitation of the building at 4102 Eastern Avenue that would include new roofing, windows, flooring, and mechanicals.
A burned-out building next door would be demolished to create green space.
If approved by council, the eight-year, 75 percent exemption on the increased property tax value would save the developer nearly $52,000 in tax liability.
The project would be completed by December 2009.
According to City building inspection records, the structure has been vacant for nearly three years.
Wednesday, June 17, 2009
Tax exemption could revive vacant Columbia Tusculum apartments
Posted by Kevin LeMaster at 5:07 AM