City of Cincinnati - File #: 202001358

• File #: 202001358
• Version: 1
• Type: Ordinance
• Status: Passed Emergency
• File created: 8/28/2020
• In control: Cincinnati City Council
• On agenda: 9/2/2020
• Final action: 9/2/2020
• ORD/RES# date: 9/2/2020
• ORD/RES#: 0293-2020
• Title: ORDINANCE (EMERGENCY) submitted by Paula Boggs Muething, Interim City Manager, on 8/31/2020, AUTHORIZING the City Manager to execute a Funding Agreement with Court and Vine Holdings, LLC, or other subsidiary of Cincinnati Center City Development Corporation (3CDC) acceptable to the City, providing for a forgivable loan of $1,500,000 and development of a scattered-site, mixed-use project in the Central Business District of Cincinnati consisting of the construction of approximately twenty-eight market-rate residential condominium units and 8,943 square feet of commercial space; ESTABLISHING new capital improvement program project account no. 980x164x211630, "Court Street Housing Redevelopment - TIF" to provide resources for the acquisition of real property associated with the development; AUTHORIZING the transfer and appropriation of the sum of $1,500,000 from the unappropriated surplus of Downtown/OTR West Equivalent Fund 482 (Downtown/OTR West TIF District) to the newly-established cap...
• Sponsors: City Manager

Date	Ver.	Action By	Action	Result
9/2/2020	1	Cincinnati City Council	Passed Emergency	Pass
9/2/2020	1	Cincinnati City Council	Emergency clause to remain	Pass
9/2/2020	1	Cincinnati City Council	Suspension of the three readings	Pass
8/31/2020	1	Budget and Finance Committee	Recommend Passage Emergency

title

ORDINANCE (EMERGENCY) submitted by Paula Boggs Muething, Interim City Manager, on 8/31/2020, AUTHORIZING the City Manager to execute a Funding Agreement with Court and Vine Holdings, LLC, or other subsidiary of Cincinnati Center City Development Corporation (3CDC) acceptable to the City, providing for a forgivable loan of $1,500,000 and development of a scattered-site, mixed-use project in the Central Business District of Cincinnati consisting of the construction of approximately twenty-eight market-rate residential condominium units and 8,943 square feet of commercial space; ESTABLISHING new capital improvement program project account no. 980x164x211630, “Court Street Housing Redevelopment - TIF” to provide resources for the acquisition of real property associated with the development; AUTHORIZING the transfer and appropriation of the sum of $1,500,000 from the unappropriated surplus of Downtown/OTR West Equivalent Fund 482 (Downtown/OTR West TIF District) to the newly-established capital improvement program project account no. 980x164x211630, “Court Street Housing Redevelopment - TIF,” to provide resources for the acquisition of property associated with the development in the form of a forgivable loan; and further DECLARING expenditures from such project account serve a public purpose.

recommendation

PASS EMERGENCY