File #: 202500938    Version: 1
Type: Ordinance Status: Pass Emergency
File created: 5/2/2025 In control: Cincinnati City Council
On agenda: 5/14/2025 Final action:
ORD/RES# date: ORD/RES#:
Title: ORDINANCE (EMERGENCY) submitted by Sheryl M. M. Long, City Manager, on 5/7/2025, AUTHORIZING the City Manager to execute a Development Agreement with 441 Vine Street Owner LLC, an affiliate of Victrix Investments LLC, pertaining to the mixed-use redevelopment of an existing structure located at Units 2 and 3, W. Fifth Street in the Central Business District of Cincinnati, which is property commonly known as the Carew Tower, and providing for City assistance to the project in the form of a rebate of a portion of the service payments in lieu of taxes imposed in connection with a proposed thirty-year property tax exemption for improvements pursuant to Ohio Revised Code Section 5709.41, subject to the passage by Council of a separate ordinance authorizing such tax exemption. (Subject to the Temporary Prohibition List ).
Sponsors: City Manager
Attachments: 1. Transmittal, 2. Ordinance, 3. Attachment

title

ORDINANCE (EMERGENCY) submitted by Sheryl M. M. Long, City Manager, on 5/7/2025, AUTHORIZING the City Manager to execute a Development Agreement with 441 Vine Street Owner LLC, an affiliate of Victrix Investments LLC, pertaining to the mixed-use redevelopment of an existing structure located at Units 2 and 3, W. Fifth Street in the Central Business District of Cincinnati, which is property commonly known as the Carew Tower, and providing for City assistance to the project in the form of a rebate of a portion of the service payments in lieu of taxes imposed in connection with a proposed thirty-year property tax exemption for improvements pursuant to Ohio Revised Code Section 5709.41, subject to the passage by Council of a separate ordinance authorizing such tax exemption. (Subject to the Temporary Prohibition List <https://www.cincinnati-oh.gov/law/ethics/city-business>).

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PASS EMERGENCY