Tuesday, May 4, 2010

UC fraternity house wins LEED tax exemption

Cincinnati City Council has passed unanimously a Community Reinvestment Area LEED tax exemption agreement for a new Delta Tau Delta fraternity residence and chapter house in University Heights.

The fifteen-year agreement with Gamma Xi 21, Inc. will allow for the construction of the three-story, 13,335-square-foot building with 24 beds at 2825 Clifton Avenue.

Gamma Xi 21 will receive a 75 percent exemption on construction costs, reducing the project's tax liability by approximately $358,300 over the life of the agreement. Estimated construction costs are nearly $1.2 million, with total development costs of $1.6 million.

The development has been registered with the U.S. Green Building Council as a LEED-NC 2.2 (new construction) project.

When completed late this year, the fraternity will move its chapter house from the Stratford Heights complex.

The former Sigma Alpha Mu fraternity house that once occupied the site was razed in January. The City had ordered the building vacated in early 2009 due to electrical, fire separation, and egress issues.

Gamma Xi 21 purchased the property in November 2009 for $417,000.

The new building is meant to celebrate Delta Tau Delta's 100 years of active status at the University of Cincinnati.