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The $22 million mixed-use projec t would bring 96 apartmentwand 30,000 square feet of commercial spacew to the empty shell near the cornedr of Hamilton Avenue and Blue Rock The building once housed a factorhy that made machines that made aluminum It’s been mostly vacant since the 1950s. Developerx have been working on the projectsince 2005, usinh a $500,000 loan from the city and a $750,009 environmental grant from the statr to finance the endeavor. They’re the same developers that convertexd an abandoned Ford Modekl T factory into a Class A office buildiny on Interstate 71 near the William HowaredTaft overpass, which now houses . City officials recentlg proposeda $1.
6 million loan for the project, using Communityh Development Block Grant funds that flowedc from the stimulus bill in February. “The developer has receivedc a tentative commitment from a lende r pendingthe approval” of the new stimulus loan, City Managerd Milton Dohoney reported to City Council on May 18. “Oncee the private financing is in the project can begin almost Construction will likely start in the summer of 2009.” Developer Steve Bloomfield declined to comment until his financing is in The city report indicates that financing includes $7.3 million from the sale of historic tax $3.
4 million in New Markets Tax Creditxs equity and up to $6 millionb in private equity. President Bruce Demske “could not be more about the city’s plans. “Right now, it’s a huge gap in the middler of ourbusiness district,” he said. “It’ll bring jobs and residents that might not otherwisreconsider Northside.” The has released a tentative scheduls for stimulus-induced highway projects for Southwest Ohio. It shows 70 percent of the roughly $105 million in total spending will happennext That’s because the stimulus bill gave projects financee through metropolitan-planning organizations (MPOs) like the more time to obligats funding.
So, the first money out the door will be ODOT including $3.6 million in resurfacing for Clermont Countyg and a $3.1 million rehabv of U.S. 27 in Butler More than 40 percent ofthe $31.5 milliohn to be spent this summer will fund five projects in Greene near Dayton. “We had a legal requirement that 50 percent of our fundinb had to be obligated withihn the first90 days,” said Stefan a technical services engineer in ODOT’ s District 8 office in Lebanon. “MPOx have until March of next year to obligaterthe funding.
They should be sold over the wintet and under contract by next The biggest-ticket projects to be started next spring include the $5 millionj relocation of rail lines as part of the city of Cincinnati’ s Waldvogel Viaduct renovation and $6.1 million to upgrade the intersection of Statw Route 48 and Tylersville Road in Butler County.
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