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File #: 202001691    Version: 1
Type: Ordinance Status: Passed Emergency
File created: 9/25/2020 In control: Cincinnati City Council
On agenda: 9/30/2020 Final action: 9/30/2020
ORD/RES# date: 9/30/2020 ORD/RES#: 0332-2020
Title: ORDINANCE (EMERGENCY) submitted by Paula Boggs Muething, Interim City Manager, on 9/28/2020, APPROVING AND AUTHORIZING the City Manager to execute a Community Reinvestment Area Tax Exemption Agreement (LEED or Living Building Challenge) with 602 Main Street, LLC, thereby authorizing a 15-year tax exemption for 100% of the value of improvements made to real property located at 216 E. Sixth Street and 600-610 Main Street in the Central Business District of Cincinnati, in connection with the remodeling of an existing building into approximately 168,883 square foot hotel with 163 rooms, and approximately 9,500 square feet of commercial space, which remodeling shall be completed in compliance with Leadership in Energy and Environmental Design Silver, Gold or Platinum standards or Living Building Challenge standards, at a total remodeling cost of approximately $53,718,163.
Sponsors: City Manager
Attachments: 1. Transmittal, 2. Ordinance, 3. Exhibit A, 4. 332-2020, 5. 332-2020 T

title

ORDINANCE (EMERGENCY) submitted by Paula Boggs Muething, Interim City Manager, on 9/28/2020, APPROVING AND AUTHORIZING the City Manager to execute a Community Reinvestment Area Tax Exemption Agreement (LEED or Living Building Challenge) with 602 Main Street, LLC, thereby authorizing a 15-year tax exemption for 100% of the value of improvements made to real property located at 216 E. Sixth Street and 600-610 Main Street in the Central Business District of Cincinnati, in connection with the remodeling of an existing building into approximately 168,883 square foot hotel with 163 rooms, and approximately 9,500 square feet of commercial space, which remodeling shall be completed in compliance with Leadership in Energy and Environmental Design Silver, Gold or Platinum standards or Living Building Challenge standards, at a total remodeling cost of approximately $53,718,163.

recommendation

PASS EMERGENCY