SUMMIT PARK DEVELOPMENT IN BLUE ASH

CONTACT:

Gail Paul, Director of Communication Strategy

Port of Greater Cincinnati Development Authority

513.621.3000

gpaul@cincinnatiport.org


SUMMIT PARK DEVELOPMENT IN BLUE ASH

Cincinnati, Ohio – March 8, 2017

The Port of Greater Cincinnati Development Authority Board of Directors today approved authorizing the Port Authority to enter into a preliminary cooperative agreement allowing the Port Authority to issue up to $24 million in Tax Increment Financing Revenue bonds to finance public infrastructure improvements in support of a 100+ acre planned mixed-use development in Blue Ash.

The tax increment financing arrangement is subject to the negotiation and approval of a variety of agreements between the City of Blue Ash; the Project Developer (Al. Neyer, LLC and Vandercar Holdings, LLC); the Port Authority and Sycamore Community School District and Great Oaks Institute of Technology and Career Center.  The Port Authority expects to bring the final documents and authorization to issue bonds to the Port Authority Board for approval. The timing of the issuance of the TIF bonds will be addressed in the final documents.

Summit Park is a planned multi-phase mixed-use development that establishes a framework for current and future integration of Class A office spaces; a diverse mix of high-quality rental and owner-occupied housing; specialty retail and dining venues; and a variety of entertainment, fitness and leisure options. The plan establishes four distinct but closely integrated neighborhoods.

The City of Blue Ash appreciates the support of the Port Authority and said it believes the board’s decision is an exciting step forward for the Summit Park development. Blue Ash City Council is expected to take action on the TIF ordinance during the March 23rd council meeting at 7 p.m.