Cincinnati City Council is expected to vote soon on several ordinances that will help accommodate an influx of new Procter & Gamble (P&G) employees to its Downtown headquarters.
Ordinances would allow the City to issue up to $6 million in economic development bonds in order to add three parking decks to the 7th & Broadway Garage, to transfer $5 million in tax increment financing (TIF) funding to a capital improvement project account for the construction, and to negotiate a lease agreement with P&G for approximately 526 surface parking spaces near the company's complex.
A parking license agreement providing at least 375 key cards to P&G employees would provide payments that would be used to service the bonds.
Additionally, the lease agreement would provide the surface parking for a period of five years – renewable for four five-year terms – for the appraised fair-market value of $401,100 per year.
The City has applied for building permits for construction on the garage, and work is ready to begin pending a certificate of approval from the City's Historic Conservation Board.
Earlier this year, P&G announced that it would not renew its lease at its Governor's Hill facility in Symmes Township and would begin moving approximately 650 support services employees Downtown in early 2010.
The move will increase the number of employees at the company's Downtown campus to nearly 4,750 and will add about $30 million in annual payroll, resulting in nearly $630,000 in annual tax revenue for the City.
Previous reading on BC:
Cincinnati approves funds for 7th Street garage expansion (8/11/09)
Downtown garage expansion could begin this October (8/3/09)
Tuesday, October 20, 2009
Ordinances, COA needed for Downtown garage expansion
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6 comments:
While it's essential to have more workers downtown, P&G should encourage its employees to live in the city too, and/or take public transportation. Massive new garages are a mistake that will keep downtown deadly quiet and add to congestion on the highways as soon as working hours end.
Why do we need more parking garages downtown? We need to begin to encourage the use of public transportation which is beneficial in so many ways (reduced energy consumption, lower taxes for roads and streets, builds sense of community, etc).
I was looking at the arial map of parking and realized there is a ton of space there. P and G could at double their size if they wanted/needed to (not sure who owns the parking lots). That would be great for the city if they did.
Wasn't that garage originally built at 7th & Broadway under the agreement that it would eventually get stacked with condos/apts?
No, I believe this is the older 1960's-era block-long skinny garage on the block north of that garage. Someone correct me if I'm wrong.
No, it's the one south of 7th. It's one of those prefab post and slab garages. Not likely to have been built to house condos on top. P&G has its own garage just south of that one. Guess they don't want to mess theirs up.
I did hear that the tenants living in the StX lofts are not happy about losing their view of Mt Adams. But what could be nicer or more natural than a beautiful Cincinnati parking structure? Especially if it's a giveaway to a local company. No protests from the tea party about this one? Tax and spend on people? Bad. Tax and spend on companies? No problem.
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