Ordinances, COA needed for Downtown garage expansion

Cincinnati City Council is expected to vote soon on several ordinances that will help accommodate an influx of new Procter & Gamble (P&G) employees to its Downtown headquarters.

Ordinances would allow the City to issue up to $6 million in economic development bonds in order to add three parking decks to the 7th & Broadway Garage, to transfer $5 million in tax increment financing (TIF) funding to a capital improvement project account for the construction, and to negotiate a lease agreement with P&G for approximately 526 surface parking spaces near the company's complex.

A parking license agreement providing at least 375 key cards to P&G employees would provide payments that would be used to service the bonds.

Additionally, the lease agreement would provide the surface parking for a period of five years – renewable for four five-year terms – for the appraised fair-market value of $401,100 per year.

The City has applied for building permits for construction on the garage, and work is ready to begin pending a certificate of approval from the City's Historic Conservation Board.

Earlier this year, P&G announced that it would not renew its lease at its Governor's Hill facility in Symmes Township and would begin moving approximately 650 support services employees Downtown in early 2010.

The move will increase the number of employees at the company's Downtown campus to nearly 4,750 and will add about $30 million in annual payroll, resulting in nearly $630,000 in annual tax revenue for the City.

Previous reading on BC:
Cincinnati approves funds for 7th Street garage expansion (8/11/09)
Downtown garage expansion could begin this October (8/3/09)