On March 9, Cincinnati City Council's Finance Committee will consider three ordinances related to The Banks project.

The ordinance would allow Department of Finance director Joe Gray to issue $15 million in bonds to pay for the remainder of the City's $30.4 million share of phase one of the development.

Because only $13 million of the City's share remains to be funded, $2 million in bonds will be reserved for contingency purposes.

A second ordinance would establish a a new capital improvement program project account and transfer into it $15 million from the unapporpriated surplus in Urban Redevelopment Fund 822.

The third ordinance would create another capital improvement program project account to pay for incidental City costs not shared with Hamilton County, such as legal fees, and transfer into it $77,000 from the unappropriated surplus from the Income Tax Permanent Improvement Fund.

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.

Previous reading on BC:
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)
The Banks photo update, 5/24/08 (6/3/08)