Monday, March 30, 2009

Cincinnati passes three funding ordinances for The Banks

Cincinnati City Council has passed unanimously three ordinances that will aid in the development of The Banks project.

The ordinances allow the City to issue $15 million in bonds to fund the remainder of its $30.4 million share of phase one of the project, authorize the creation of a capital improvement program project account and the transfer into it of $15 million from Urban Redevelopment Fund 822, and create another capital improvement program project account in the amount of $77,000 to cover incidental costs not shared with Hamilton County.

The $90.8 million Phase 1A of The Banks, currently under construction, is expected to include a minimum of 300 apartments and 70,000 square feet of retail.

Phase 1B will include a mix of office space, residential units, and a possible 100- to 120-room boutique hotel.

Last week, Ohio Governor Ted Strickland announced that $23.2 million in federal economic stimulus funding will go to project infrastructure, such as the second phase parking structure and the riverfront street grid.

Previous reading on BC:
Three ordinances to be considered for The Banks (3/9/09)
More than you ever wanted to know about The Banks (3/3/09)
The Banks photo update, 12/28/08 (12/31/08)
Monzel: Provide Banks updates (9/9/08)
Urban design board to review designs for The Banks (6/23/08)



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