Wednesday, June 17, 2009

Tax exemption could revive vacant Columbia Tusculum apartments

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.