Rendering by DNK Architects
Cincinnati City Council will soon consider a Community Reinvestment Area (CRA) LEED Tax Exemption Agreement for the new Avondale headquarters of the Cincinnati Herald.
The agreement would exempt the building from real property taxes for a period of 15 years in return for the creation of 25 additional jobs by the end of 2011.
The three-story, 46,000-square-foot office building, which is part of the Uptown Consortium's redevelopment project, will also house employees from Cincinnati Children's Hospital Medical Center and an undetermined retail tenant.
The additional jobs are expected to produce $32,130 in new income tax revenue for the City, or a net gain of $208,000 over the life of the exemption.
The $7.78 million building will be constructed to the U.S. Green Building Council's LEED for Core and Shell standards, which covers building materials and mechanicals.
Official LEED certification for the project is pending.
By law, CRA LEED Tax Exemption Agreements for commercial properties require City Council approval.
An ordinance to grant the agreement is currently in Council's Finance Committee.
Previous reading on BC:
Burnet Avenue photo update, 12/24/07 (1/2/08)
Burnet Avenue plan to go before Urban Design Review Board (10/4/07)
Enquirer: Burnet Avenue dedication (9/26/07)
PC to consider final plan of first Burnet phase (9/20/07)
City sells land to Uptown Consortium for $1 (6/25/07)
Tuesday, February 12, 2008
Council to consider CRA LEED tax exemption for Herald Building
Monday, July 9, 2007
City tax break could bring 50 jobs to Hyde Park
2718 Observatory Avenue
Cincinnati City Council unanimously passed a property tax exemption for 2718 Observatory Partners that could lead to up to 50 new jobs.
The developers plan to gut the building at 2718 Observatory Avenue and create 6,200 square feet of Class A office space.
While staying true to the neighborhood's architectural styles, the building's front and back walls, as well as the roof, will be removed to allow for the 2,800 square foot building to be expanded.
Mechanicals will also be replaced and the building will be made ADA-compliant.
2718 Observatory Partners expects that the project will attract 50 jobs over a three-year period, with $1.75 million in payroll.
The Community Reinvestment Area Tax Exemption is often used by the City to create or to retain jobs.
Construction is expected to cost $575,000 and will be financed by a 75 percent reduction in property taxes over a period of 15 years.
The project should be completed by spring 2008.
WINDOWS LIVE BIRD'S EYE VIEW
GOOGLE AERIAL MAP
Saturday, March 10, 2007
Winton Place: Restaurant Depot
RD America, Inc., has won a 15-year property tax exemption to build a new warehouse at 4501 W Mitchell Ave.
The ordinance to execute the Community Reinvestment Area Agreement, which will reduce the tax liability by about $1.1 million over the life of the agreement, was passed at the February 7 meeting of city council.
Restaurant Depot, a subsidiary of RD America, Inc., is a member's-only warehouse that sells equipment, food items, and supplies to the food service community.
Membership is free with either a state resale certificate or proof of representation of a non-profit.
The 55,000-60,000 square foot facility is expected to cost $4.9 million to build and will also include an 85-space parking lot.
Construction will involve the demolition of existing structures (pictured) on the site.
It should be completed and open for business in September 2007.
