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)