File #: 202402567    Version: 1
Type: Ordinance Status: Passed Emergency
File created: 12/13/2024 In control: Cincinnati City Council
On agenda: 12/18/2024 Final action: 12/18/2024
ORD/RES# date: 12/18/2024 ORD/RES#: 0427-2024
Title: ORDINANCE (EMERGENCY) submitted by Sheryl M. M. Long, City Manager, on 12/16/2024, APPROVING AND AUTHORIZING the City Manager to execute a Community Reinvestment Area Tax Exemption Agreement with Grammers Place, LLC or another affiliate of Urban Sites acceptable to the City Manager, thereby authorizing a fifteen-year tax exemption for 100 percent of the value of improvements made to real property located at 1422-1450 Walnut Street in the Over-the-Rhine neighborhood of Cincinnati, in connection with the remodeling of the existing buildings and construction of a new structure connecting the existing buildings to create, in aggregate, approximately 4,522 square feet of commercial space and approximately 103,931 square feet of residential space, consisting of 116 residential units, at a total construction cost of approximately $26,000,000. (Subject to the Temporary Prohibition List ). (COUNCILMEMBER NOLAN IS EXCUSED FROM THIS ITEM).
Sponsors: City Manager
Attachments: 1. Transmittal, 2. Ordinance, 3. Attachment, 4. 427-2024, 5. 427-2024 T

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ORDINANCE (EMERGENCY) submitted by Sheryl M. M. Long, City Manager, on 12/16/2024, APPROVING AND AUTHORIZING the City Manager to execute a Community Reinvestment Area Tax Exemption Agreement with Grammers Place, LLC or another affiliate of Urban Sites acceptable to the City Manager, thereby authorizing a fifteen-year tax exemption for 100 percent of the value of improvements made to real property located at 1422-1450 Walnut Street in the Over-the-Rhine neighborhood of Cincinnati, in connection with the remodeling of the existing buildings and construction of a new structure connecting the existing buildings to create, in aggregate, approximately 4,522 square feet of commercial space and approximately 103,931 square feet of residential space, consisting of 116 residential units, at a total construction cost of approximately $26,000,000. (Subject to the Temporary Prohibition List <https://www.cincinnati-oh.gov/law/ethics/city-business>). (COUNCILMEMBER NOLAN IS EXCUSED FROM THIS ITEM).

recommendation

PASS EMERGENCY