Tuesday, November 27, 2007

Next 3CDC project includes 38 properties

The Enquirer reports that City Council's Finance Committee has approved of a plan to help fund 3CDC's next push in Over-the-Rhine, which includes the creation of over 100 new condominiums.

3CDC is hoping for $5.2 million in City funds to leverage over $20 million in federal new market tax credits. These City funds would come from existing capital improvement project funds and from revenues generated by the neighborhood's two tax increment financing districts.

The project includes two parts. The first consists of the following properties, which are targeted for rehab or new construction (locations can be found on the map below):

* 1202 Main Street
* 1306 Main Street
* 1417-1421 Main Street
* 1414 Clay Street
* 1232 Vine Street
* 1237 Vine Street
* 1326-1342 Vine Street
* 1331-1335 Vine Street
* 1222-1224 Republic Street
* 1332 Republic Street
* 1406-1422 Pleasant Street
* 1409-1423 Pleasant Street
* 1401-1403 Race Street
* 3 E Thirteenth Street
* 117-123 W Fifteenth Street

The second part is a streetscape improvement on Vine Street between Central Parkway and Thirteenth Street. This would involve new sidewalks, new signage, new light poles, street trees, new traffic signals, and the burying of utility wires.

Building facades also will undergo masonry repairs, tuck pointing, and painting.

Still being considered for funding is limited streetscape work on surrounding streets, including Twelfth (from Jackson to Race), Republic (from Twelfth to Thirteenth), Thirteenth (from Walnut to Race) and Jackson (from Central Parkway to Thirteenth).

Transfer of Funds

The City will transfer $1.7 million in capital improvement project funds into the Gateway III Project account to allow the project to begin as soon as possible.

The funds will be transferred from the following accounts:

* New Housing Development Program 2007: $1,225,000.00
* Strategic Housing Initiatives Program 2007: $758,928.85
* Neighborhood Market Rate Housing 2007: $484,430.35
* Citirama 2006: $418,720.38
* New Housing Development Program*: $148,741.96
* Neighborhood Market Rate Housing 2004: $38,976.34
* Neighborhood Market Rate Housing 2005: $25,202.12

* Year unknown

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