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File #: 202001599    Version:
Type: Ordinance Status: Passed Emergency
File created: 9/18/2020 In control: Cincinnati City Council
On agenda: 9/30/2020 Final action: 9/30/2020
ORD/RES# date: 9/30/2020 ORD/RES#: 0329-2020
Title: ORDINANCE (EMERGENCY) submitted by Paula Boggs Muething, Interim City Manager, on 9/28/2020, AUTHORIZING the City Manager to execute a Funding Agreement with Fountain Place, LLC, a subsidiary of Cincinnati Center City Development Corporation (3CDC), providing for a forgivable loan of $2,929,750 to fund redevelopment of 505 Vine Street (formerly known as Fountain Place) and proximate public infrastructure, located in the Central Business District of Cincinnati; ESTABLISHING new capital improvement program project account no. 980x164x211636, "Fountain Place Redevelopment - TIF" to provide resources for the redevelopment of 505 Vine Street and proximate public infrastructure; AUTHORIZING the transfer and appropriation of the sum of $2,093,071.13 from unappropriated surplus of Downtown/OTR West Equivalent Fund 482 (Downtown/OTR West TIF District) to the newly-established capital improvement program account no. 980x164x211636, "Fountain Place Redevelopment - TIF," to provide resources for t...
Sponsors: City Manager
Attachments: 1. Transmittal, 2. Ordinance, 3. Attachments, 4. 329-2020 T, 5. 329-2020

title

ORDINANCE (EMERGENCY) submitted by Paula Boggs Muething, Interim City Manager, on 9/28/2020, AUTHORIZING the City Manager to execute a Funding Agreement with Fountain Place, LLC, a subsidiary of Cincinnati Center City Development Corporation (3CDC), providing for a forgivable loan of $2,929,750 to fund redevelopment of 505 Vine Street (formerly known as Fountain Place) and proximate public infrastructure, located in the Central Business District of Cincinnati; ESTABLISHING new capital improvement program project account no. 980x164x211636, “Fountain Place Redevelopment - TIF” to provide resources for the redevelopment of 505 Vine Street and proximate public infrastructure; AUTHORIZING the transfer and appropriation of the sum of $2,093,071.13 from unappropriated surplus of Downtown/OTR West Equivalent Fund 482 (Downtown/OTR West TIF District) to the newly-established capital improvement program account no. 980x164x211636, “Fountain Place Redevelopment - TIF,” to provide resources for the redevelopment of 505 Vine Street and proximate public infrastructure; AUTHORIZING the transfer and appropriation of the sum of $836,678.87 from the unappropriated surplus of Fountain Square West Trust Fund 156 to the newly-established capital improvement program project account no.980x164x211636, “Fountain Place Redevelopment - TIF,” to provide resources for the redevelopment of 505 Vine Street and proximate public infrastructure; and further DECLARING expenditures from such project account serve a public purpose

recommendation

PASS EMERGENCY