CINCINNATI — A development in Downtown Cincinnati received a vital show of support at City Hall.
The budget and finance committee at City Hall unanimously voted in favor of a tax abatement for the Fourth and Pike Apartments across from Lytle Park. The city projects the development will cost more than $19 million.
Eagle Realty Group, a subsidiary of Western and Southern Financial Group, is remodeling the building into 30 refurbished apartments and making several other improvements to the 50-year-old property.
"The amount of tax revenue coming into the city by virtue of this project is going to grow and it's going to grow significantly," said David Nevers, the vice president of public relations and corporate communications for Western & Southern Financial Group.
If city council approves the abatement, the developer would get a 52% tax break for 15 years. It would also pay fees to Cincinnati Public Schools and streetcar operations on top of about $100,000 a year in taxes.
"The continuing growth and enhancement of that corner of the city is not only going to benefit the residents and the businesses in that area but that's going to be an attraction for the entire community," Nevers said.
The budget and finance committee expressed concerns over the abatement request when it was first presented last month. There were concerns over figures in the proposal. Ultimately, members expressed their support, saying the development would bring more people Downtown who would also contribute to the income tax base.
"We want a city where if you work irrespective of what you make you can afford to live in Cincinnati," council member Greg Landsman said. "And we are heading in that direction."
City council votes Wednesday on whether to approve the tax abatement.
Monique John covers gentrification for WCPO 9. She is part of our Report For America donor-supported journalism program. Read more about RFA here.
If there are stories about gentrification in the Greater Cincinnati area that you think we should cover, let us know. Send us your tips at moveupcincinnati@wcpo.com.
