File #:
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202001599
Version:
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Type:
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Ordinance
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Status:
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Passed Emergency
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On agenda:
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9/30/2020
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Final action:
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9/30/2020
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ORD/RES# date:
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9/30/2020
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ORD/RES#:
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0329-2020
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Title:
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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...
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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
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