TIF DISTRICTS

TIF DISTRICT PROJECTS

TAX INCREMENT FINANCE DISTRICTS

TIF Districts are a tax increment structure established in 2002 and 2005 that blankets a larger number of sites, typically centered on neighborhood business districts. The increment collected in these districts can be used to make public improvements that benefi t or serve the district in which the increment was collected. The city has 35 tax increment districts and, in some cases, will create a TIF specifi c to a project. Below are some of the highlighted TIF projects for FY 2021.

Findlay Market

Findlay Market is a beloved, vibrant, cityowned historic asset in the community. City council has approved a program that will provide tax increment financing ($500,000) and city capital ($500,000) resources necessary for permanent improvements in the sum of approximately $1,000,000.

Improvements include refrigeration replacements, walk-in refrigeration condenser units, Heating/Ventilation/Air Conditioning (HVAC) replacement, automatic doors, and market signage replacements.

Logan Commons and Willkommen II

These projects are both examples of aff ordable Low-Income Housing Tax Credit (LIHTC) housing developments located in Over-the-Rhine.

The establishment of a new capital improvement program project “OTR Aff ordable Housing FHAct50 -TIF” was created for the purpose of providing resources for Logan Commons and Willkommen II. The sum of $2,250,000 will be allocated for housing construction costs, and $100,000 will be allocated for project delivery costs.

Logan Commons

This is a new construction LEED Silver, 4-story building in Over-the-Rhine that will provide aff ordable housing for seniors, as well as a brand-new senior center designed for social service delivery and as a social hub for the community. The senior center proposes technology rooms, health consultation rooms, a fi tness room, kitchen, craft room, and large gathering space. There will also be approximately 2,000 sf of commercial space on the ground fl oor and an outdoor courtyard with games and a small garden.

Willkommen II

This project is a phase of the overall Willkommen project, consisting of forty-eight residential units and approximately 1,000 square-feet of neighborhood commercial space. New construction will take place at 1617 Race Street and 1684 Central Parkway, while historic rehabilitations will take place at existing buildings at 30 E. 15th Street and 1619 Race Street. All residential units will be aff ordable to individuals living at or below 60% area median income (AMI).

Willkommen II Apartments 1600 Race St

TIF DISTRICT PROJECTS (CON’T)

East Freedom Way

The city partnered with the Banks Community Authority (BCA) to create a pedestrian plaza on the easternmost block of East Freedom Way. This partnership was one step to increasing the vitality of the riverfront area by supporting local establishments and entertaining residents and visitors. DCED provided $150,000 of tax increment financing (TIF) to the project for public improvements related to the closure of a portion of East Freedom Way. The total project including the TIF investment is $750,000, with remaining funding coming from private sources or the BCA. These improvements, coupled with the newly instituted Designated Outdoor Refreshment Area, truly make the riverfront area a thriving neighborhood and world-class destination.

Merrimac Square

City council passed an ordinance which allocated $1,000,000 from the East Walnut Hills TIF District to pay for the extension of Merrimac Street and for the streetscaping of Woodburn Avenue. The improvements support three development projects on Woodburn Avenue between the Evanston Five Points and DeSales Corner: DeSales Flats II, Urban Stead Cheese, and Merrimac Square.

The street project supported Merrimac Square, which converted a vacant, blighted commercial lot of 2 acres on Woodburn Avenue into a 24-unit single family subdivision of homes with rear driveways and garages.

Harrison and Kling Traffic Calming

A new capital improvement TIF program will improve pedestrian safety in the Westwood neighborhood of Cincinnati. It has been approved by city council for the purpose of creating right-of-way improvements for traffic calming on Harrison Avenue at Kling Avenue.

This project includes bump-outs along one side of Harrison Avenue within the neighborhood business district.