Cincinnati City Council has approved unanimously an installment sale agreement and a garage management agreement with Uptown Consortium subsidiary Uptown Transportation Authority (UTA) to facilitate the construction of a 219-space public parking garage at Corryville Crossings.
The sale agreement will transfer ownership of an air lot at to the City, allowing the parking structure to be built built without issuing bonds.
In return, the City will use Corryville tax increment financing (TIF) district funds to service the debt on UTA's garage loan.
A portion of the parking revenues will also be used to service the debt starting in 2012.
The garage then will be transferred back to the UTA within fifteen years or on the date the garage loan is paid in full and the TIF district funds have been repaid, whichever comes first.
Additionally, the management agreement will allow the UTA to manage and maintain the garage both during construction and following the transfer.
Construction of the garage, which is estimated to cost $6.2 million, will also include a public plaza and streetscape improvements.
At buildout, the $24 million Corryville Crossings will include an 80,000-square-foot, 132-room Hampton Inn & Suites hotel and three commercial outlots.
Council approved a planned development district (PD-54) for the site on August 6.
Councilmembers Chris Bortz and John Cranley were excused from voting on the ordinances.
Previous reading on BC:
3000 Vine renderings (8/13/08)
Cincinnati approves zoning change for 3000 Vine project (8/12/08)
Zoning change sought for Corryville hotel, commercial project (7/1/08)
MLK and Vine photo update, 12/17/07 (12/21/07)
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5 comments:
So the project's dead, but the parking garage is moving forward?
The project's dead?
A couple of tenants have backed out, but I know nothing about the project being dead.
That's just what my understanding was given the tenant back out and the property now having a for-sale sign on it.
I haven't been by the site recently. What is the name on the "for sale" signs? Perhaps they are trying to attract retail tenants for the outlots.
bailing on the project entirely is only likely if financing from a bank fell through, because the hotel portion is something that should be recession proof given the proximity to the University, and the occupancy rate of the kingsgate across MLK.
And IHOP would make a killing, from experience I've traveled from UC to the Center of Cincinnati location many a time, just to have to bail and have lunch at Skyline.
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