File #: 202501747    Version: 1
Type: Ordinance Status: Agenda Ready
File created: 9/16/2025 In control: Budget and Finance Committee
On agenda: 9/17/2025 Final action:
ORD/RES# date: ORD/RES#:
Title: ORDINANCE (EMERGENCY) submitted by Sheryl M. M. Long, City Manager, on 9/17/2025, AUTHORIZING the City Manager to execute a Development Agreement with Atrium Tower One, L.P. and Acabay Atrium Two, L.P., pertaining to the redevelopment of an existing building into approximately 200 residential rental units, on property located at 201 E. Fourth Street in the Central Business District of Cincinnati, which property is commonly known as the Atrium One building, and providing for City assistance to the project in the form of (1) a rebate of a portion of 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, and (2) a rebate of a portion of the service payments in lieu of taxes imposed in connection with the tax exemption previously authorized by Ordinance No. 95-2024.
Sponsors: City Manager
Attachments: 1. Transmittal, 2. Ordinance, 3. Exhibit A

title

ORDINANCE (EMERGENCY) submitted by Sheryl M. M. Long, City Manager, on 9/17/2025, AUTHORIZING the City Manager to execute a Development Agreement with Atrium Tower One, L.P. and Acabay Atrium Two, L.P., pertaining to the redevelopment of an existing building into approximately 200 residential rental units, on property located at 201 E. Fourth Street in the Central Business District of Cincinnati, which property is commonly known as the Atrium One building, and providing for City assistance to the project in the form of (1) a rebate of a portion of 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, and (2) a rebate of a portion of the service payments in lieu of taxes imposed in connection with the tax exemption previously authorized by Ordinance No. 95-2024.