Tuesday, March 22, 2011

Tax exemption agreement to aid Electronic Ark's OTR expansion

Cincinnati City Council on Wednesday awarded Wade Dent and The Electronic Ark, Ltd. a Community Reinvestment Area (CRA) tax exemption agreement that will allow for a $529,200 renovation and expansion of its space at 222 E 14th Street in Over-the-Rhine.

Currently housing the Venue 222 meeting and event space and marketing communications agency Aim Straight Up, the five-story building's leasable Class B office space will be expanded from 9,600 square feet to 16,625 square feet and two new event centers will be added.

Work will include the addition of a sixth floor, electrical work, plumbing, and interior buildout.

The 12-year, 75 percent CRA agreement will reduce the project's tax liability by $129,120.

The project is scheduled for completion in summer 2012.

Approximately 14 full-time jobs are expected to be created.

Built in 1868 as a flour mill, the building has also been used as a warehouse for dried fruits and sundries; storage for hops, malts, and malt extracts; insulation manufacturing; and a hospital supply company.