Tuesday, October 14, 2008

Cincinnati approves CRA tax exemption for art gallery move

Cincinnati City Council has authorized a Community Reinvestment Area (CRA) tax exemption agreement with Masi Realty to aid in the relocation of an art gallery from Hyde Park Square to Oakley.

Sylvia Rombis of Masi Realty plans to build a new two-story, 1,850-square-foot building at 3804 Edwards Road for her Malton Art Gallery, which features year-round exhibitions of contemporary sculptures and paintings that are free and open to the public.

The gallery, which was founded in 1974 and is currently located at 2643 Erie Avenue, also offers custom framing services and provides corporate and residential consultations.

The fifteen-year CRA agreement would be equal to a 75 percent exemption on the increased property tax value.

In giving up $19,200 in property taxes over the life of the agreement, the City hopes to gain $28,350 in earnings taxes.

Malton Art Gallery has two full-time employees and one part-time employee, and represents dozens of local, national, and international artists.

The total cost of the project, including site acquisition, is estimated at $704,000 and is expected to be completed by December 2009.

The site was originally owned by Dr. David Dahlman, who proposed a 3,500-square-foot office building on the site.

He eventually sold the property to Rombis, who razed the site's single-family home in November 2007.

Previous reading on BC:
Wrecking Cincinnati, 11/13/07 (11/13/07)