Cincinnati City Council has approved unanimously an ordinance reclassifying bonds for the Oakley streetscape and esplanade project, which could save the City money in the long run.

The $2 million in bonds will be issued as Build America Recovery Zone Economic Development Bonds, a type of taxable, municipal bond permitted by the American Recovery and Reinvestment Act of 2009 that allows governments to borrow at a significantly lower cost. Forty-five percent of the coupon interest payable on each bond is subsidized by the U.S. Department of the Treasury.

City Council declared the entire City a Recovery Zone in March. The original $2 million bond package was approved in February.

Oakley tax increment financing district revenues will be used to service the bond debt.

Currently under construction, the streetscape and esplanade safety and capacity project will expand the Geier Esplanade and provide new sidewalks, crosswalks, pedestrian lighting, bicycle racks, parking meters, sign poles, benches, trash cans, and gateway signage.

Previous reading on BC:
City creates account for Oakley Square improvements (3/19/09)
Council ordinance would create Oakley Square account (3/11/09)
Madison Road, Oakley Square drawings released (12/24/08)
Cincinnati rolls out three 'new' streetscape TIF projects (4/4/08)
Finance Committee discusses changes on streetscape TIFs (12/6/07)