Thursday, June 25, 2009

With tax agreement, Columbia Tusculum apartment building could see new life

A Columbia Tusculum apartment building that has been vacant for at least three years could get new life thanks to a tax exemption agreement approved by Cincinnati City Council.

The Community Reinvestment Area tax exemption agreement, to be extended to Emerson Place Apartments, LLC, will assist the building owner in the $325,500 renovation of the three-story, ten-unit apartment building at 4102 Eastern Avenue.

Work will include new roofing, windows, flooring, and mechanicals, with the creation of green space on an adjacent lot.

Over the eight-year agreement, the 75 percent exemption on the increased property tax value could save Emerson Place Apartments nearly $52,000 in tax liability.

Work is scheduled for completion by the end of this year.

Previous reading on BC:
Tax exemption could revive vacant Columbia Tusculum apartments (6/17/09)