Monday, November 3, 2008

3CDC may receive $300,000 to develop Fifth and Race

On Wednesday, an ordinance will be introduced before Cincinnati City Council that could supply 3CDC with $300,000 to assist in the development of the Fifth and Race site Downtown.

The funding agreement would help the non-profit with pre-development costs incurred through architectural, environmental, and engineering work; financial analysis; market research; construction cost estimating; and surveying.

Sources of the funds would be $150,000 from the Retail/Commercial Opportunities '08 account, $125,000 from the Downtown Housing Development '07 account, and $25,000 from the Downtown Housing Development '08 account.

Late last month, council approved an ordinance authorizing a development manager agreement with 3CDC for the site, which has been used as a surface parking lot since 2001.

Under the agreement, 3CDC has one year - with two one-year renewal periods - to select a developer.

Upon approval of a developer by council, 3CDC will manage the construction.

Previous reading on BC:
3CDC to manage Fifth and Race (10/28/08)
Cincinnati adopts motion to bring in 3CDC on Fifth and Race (8/11/08)