Cincinnati City Council has authorized Interim Finance Director Kathy Creager to issue up to $10 million in economic development bonds for Phase IIA of .

Phase IIA, originally estimated to cost the City and Hamilton County $12 million, includes the construction of a new parking garage west of the National Underground Railroad Freedom Center, the relocation of Mehring Way, and additional street grid work.

Tax increment financing (TIF) revenues generated by the development will service the bonds. The project phase is also being funded with $23.2 million in federal economic stimulus dollars and state and federal grants.

A cooperation agreement between the City and Hamilton County is expected, since it is issuing bonds on behalf of the county.

Currently under construction, the $92 million first phase of The Banks will include 180 Walnut, an office building with 200,000-250,000 square feet of office space; 300 luxury apartments; 80,000 square feet of retail and restaurant space; and a 200-bed boutique hotel.

At full buildout, the 3 million-square-foot, $800 million project is expected to include up to 300,000 square feet of Class A office space, up to 1,800 residential units, the hotel, and a 1,600-space parking structure. Estimates are that the project will drive $600 million in private development.

Previous reading on BC:
24-hour police welcoming center slated for The Banks (5/17/10)
Banks developers create new website, branding (4/27/10)
General contractor selected for The Banks (11/9/09)
Stimulus funding for The Banks moves up schedule, costs (6/17/09)
First street poured at The Banks (5/26/09)