Tuesday, October 28, 2008

3CDC to manage Fifth and Race

Cincinnati City Council unanimously approved an ordinance authorizing a development manager agreement between the City and 3CDC for the Fifth and Race site Downtown.

The agreement gives 3CDC one year - with two one-year renewal terms - to select a developer for the nearly 2-acre site.

Representatives of 3CDC agreed to the contract language on September 29.

The agreement does not require the City to provide any funding for 3CDC's development activities, but the Business Courier has reported that the non-profit corporation has requested $300,000 to pay for preliminary design, construction, and financing consultants.

A separate funding agreement would have to be passed by council to make that money available.

So far, no ordinance for a funding agreement has been placed on council's agenda.

Upon the approval of a developer and a development plan by council, 3CDC would manage the building project.

The site has been a surface parking lot since 2001, and has seen three development proposals fall through.

Previous reading on BC:
Cincinnati adopts motion to bring in 3CDC on Fifth and Race (8/11/08)