Tuesday, March 22, 2011

TIF money to fund improvements around 65 West

Tax increment financing (TIF) funding will be used to make improvements to the corner of W McMillan Street and Ohio Avenue in Clifton Heights, site of the 129-unit, $16.7 million 65 West apartments project.

Cincinnati City Council on Wednesday passed an emergency ordinance transferring $160,000 from the CUF/Heights TIF district to fund new sidewalks, underground utilities, brick pavers, lighting, and other pedestrian improvements.

Developers Uptown Rental Properties and North American Properties will provide a matching amount.

Currently under construction, the 126,000-square-foot, four-building gated complex will house one-, two-, and four-bedroom apartment units in three-story buildings. A clubhouse and fitness room will also be included.

Completion is expected later this spring.

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

Last June, City Council granted the project a Community Reinvestment Area LEED tax exemption, which will reduce its property tax liability by approximately $5.1 million over 15 years.

Photos courtesy of Uptown Rental Properties

Previous reading on BC:
65 West wins LEED tax exemption (6/8/10)