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Legislation Details
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File #:
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202602833
Version:
1
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Type:
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Ordinance
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Status:
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Agenda Ready
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On agenda:
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10/7/2026
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Final action:
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Title:
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ORDINANCE (EMERGENCY) submitted by Sheryl M. M. Long, City Manager, on 10/7/2026, AUTHORIZING the City Manager to execute a Funding Agreement with 530 Walnut LLC, an affiliate of Urban Sites Capital Advisors, LLC (Urban Sites), to facilitate the renovation of an existing building on the real property located at 530 Walnut Street in the Central Business District of Cincinnati into a new mixed-use development, including, in aggregate, approximately 63,117 square feet of residential space, consisting of approximately 67 residential rental units, and approximately 3,150 square feet of commercial space; AUTHORIZING the transfer and appropriation of $2,900,000 from the unappropriated surplus of Downtown/OTR East Equivalent Fund 483 (Downtown/OTR East TIF District) to the Office of Strategic Growth non-personnel operating budget account no. 483x105x7400 to provide resources for the renovation and construction activities associated with the residential component of the project located at 530 W...
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title
ORDINANCE (EMERGENCY) submitted by Sheryl M. M. Long, City Manager, on 10/7/2026, AUTHORIZING the City Manager to execute a Funding Agreement with 530 Walnut LLC, an affiliate of Urban Sites Capital Advisors, LLC (Urban Sites), to facilitate the renovation of an existing building on the real property located at 530 Walnut Street in the Central Business District of Cincinnati into a new mixed-use development, including, in aggregate, approximately 63,117 square feet of residential space, consisting of approximately 67 residential rental units, and approximately 3,150 square feet of commercial space; AUTHORIZING the transfer and appropriation of $2,900,000 from the unappropriated surplus of Downtown/OTR East Equivalent Fund 483 (Downtown/OTR East TIF District) to the Office of Strategic Growth non-personnel operating budget account no. 483x105x7400 to provide resources for the renovation and construction activities associated with the residential component of the project located at 530 Walnut Street in the Central Business District of Cincinnati; and further DECLARING expenditures from such project account related to the renovation and construction activities associated with the residential portion of the mixed-use development located at 530 Walnut Street in the Central Business District of Cincinnati to be a public purpose and constitute a “Housing Renovation” (as defined in Ohio Revised Code Section 5709.40(A)(3)) that is located within the District 4-Downtown/OTR East District Incentive District, subject to compliance with Ohio Revised Code Sections 5709.40 through 5709.43. (Subject to the Temporary Prohibition List <https://www.cincinnati-oh.gov/law/ethics/city-business>). <https://www.cincinnati-oh.gov/law/ethics/city-business%3e).>
recommendation
BUDGET, FINANCE & GOVERNANCE COMMITTEE
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