Monday, April 9, 2012

Amendment opens door to $8M restoration of St. Paulus Kirche

An amendment to an agreement between the City of Cincinnati and OTR Holdings, Inc. (Cincinnati Center City Development Corporation, or 3CDC) will allow the developer to obtain financing for the $8 million restoration of St. Paulus Kirche, at 15th and Race streets in Over-the-Rhine.

Under terms of the original property sale and funding agreement, dated May 16, 2011, the City conveyed the property to 3CDC for $1, enabling the developer to obtain a $5 million loan through the Cincinnati New Markets Fund to begin restoration work on the partially collapsed roof and other damage resulting from more than 20 years of vacancy.

The City chipped in $300,000 for the $1.1 million stabilization.

The amendment terminates two City repurchase options that would have kicked in if 3CDC did not stabilize the building and restore it to productive use within five years. That allows 3CDC to pursue additional project financing, including State of Ohio Historic Preservation Tax Credits, before the repurchase option would have kicked in on December 31, 2013.

Built in 1850, St. Paulus Kirche (or St. Paul's Church) is the oldest Protestant church in the City and the second oldest surviving church, behind Old St. Mary's Church in Over-the-Rhine (1841).

Previous reading on BC:
Gateway Quarter rezoning allows for mixed uses (8/10/10)
Race Street rezoning to restore mixed uses, walkability (5/24/10)
City approves OTR property sales (5/27/08)
City likely to sell OTR property to 3CDC, OTRCH (5/20/08)