Wednesday, June 12, 2013

LEED tax exemptions approved for Evanston, OTR, Mount Auburn projects

Cincinnati City Council on May 30 unanimously approved Community Reinvestment Area LEED tax exemptions for projects located in Evanston, Mount Auburn, and Over-the-Rhine.

In Evanston, a 12-year property tax exemption was approved for Model Group affiliate Losantiville Evanston LLC for the $2.7 million rehabilitation of 3301 and 3501 Montgomery Road into 18 rental apartments.

The tax exemption will reduce the developer's tax liability by $736,792 over the life of the agreement. The project will also receive a $1.35 million Neighborhood Stabilization Program (NSP3) loan from the City.

Construction is scheduled for completion by the end of this year, and the project has been registered with the U.S. Green Building Council (USGBC) as LEED for Homes Multi-Family. The developers are pursuing LEED Silver certification.

In Over-the-Rhine, a 12-year property tax exemption was approved with BarbAurora LLC for the $710,000 rehabilitation of 1500 Race Street into five residential units and two commercial spaces – one of which will be a food-service window. Two residential units will be "vacation rentals by owner" and three will be market-rate rentals.

That tax exemption will reduce the developer's tax liability by $149,582 over the life of the agreement.

Construction is scheduled for completion in March 2014, and the project has been registered with USGBC as LEED for Homes Multi-Family Mid-Rise. The developers are pursuing LEED Silver certification.

And in Mount Auburn, a 12-year property tax exemption agreement with 233 Gilman, LLC has been approved for the $900,000 rehabilitation of the building at 233 Gilman Avenue into 34 rental apartment units. The redevelopment will include 14 two-bedroom units, 14 one-bedroom units, and six efficiency apartments.

The tax exemption will reduce the developer's tax liability by $244,770 over the life of the agreement.

Construction is scheduled for completion in January 2014, and the project is pursuing LEED Silver status.