Cincinnati Port approves financing tools for $100M in area projects

The Port of Greater Cincinnati Development Authority recently “approved financing tools that will be used to build more than $100 million in local commercial and residential real estate projects,” the Cincinnati Business Courier reports. The Port agreed to formal ownership of project properties, including the $59 million Graphite Oakley apartment project and the $41 million redevelopment of the former Sheraton Hotel in Springdale, according to the article. Under the Port’s ownership, developers are exempt from sales tax on building materials, “which is really, really needed in the current market,” said Todd Castellini, the Port’s vice president for industrial development and finances. The Port also approved issuing $7 million in revenue bonds for “the 383-unit Park at Springdale project,” which the Port will also own. The Port approved “up to $35 million in education revenue bonds for the IDEA Valley View” charter school’s gut rehabilitation of a two-story industrial office. For more, read the full article.

Economic Development, Project Finance, State Updates