Council approves CRA LEED tax exemptions in OTR, University Heights

On May 2, Cincinnati City Council unanimously approved two Community Reinvestment Area (CRA) LEED tax exemption agreements.

The first agreement, with Starbuck-Pape Family Ltd., will facilitate a $1.2 million redevelopment of 205 W Elder Street in Over-the-Rhine into four residential units, 3,000 square feet of office space, and 5,700 square feet of retail space.

The 12-year, 75 percent tax exemption will reduce the project's property tax liability by $295,920 over the life of the agreement.

The "Crown Building" project has been registered with the U.S. Green Building Council (USGBC) as LEED for Homes Multi-Family Mid-Rise and is expected to be completed by the end of this year.

The second agreement, with Stratford Court Apartments, LLC (Stephen and Brian Vianello), will be applied to Stratford Court Apartments, a new $2 million, 19-unit apartment building for students at 2710-2714 Stratford Avenue in University Heights.

The 15-year, 75 percent tax exemption will reduce the project's property tax liability by $644,550 over the life of the agreement.

The three-story building has been registered with the USGBC as LEED for Homes Multi-Family. Two single-family homes, built in 1926 and 1927, will be razed for the project, which is scheduled for completion by July 2013.