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    Whex Garage Council Presentation

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    WVXU News
    Whex Garage Council Presentation | presented by 3CDC CEO Steve Leeper to Cincinnati City Council's Budget and Finance Committee on March 13, 2023.

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    Whex Garage Council Presentation

    Uploaded by

    WVXU News
    1K views7 pages
    Whex Garage Council Presentation | presented by 3CDC CEO Steve Leeper to Cincinnati City Council's Budget and Finance Committee on March 13, 2023.

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    © © All Rights Reserved

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    Whex Garage Council Presentation | presented by 3CDC CEO Steve Leeper to Cincinnati City Council's Budget and Finance Committee on March 13, 2023.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1K views7 pages

    Whex Garage Council Presentation

    Uploaded by

    WVXU News
    Whex Garage Council Presentation | presented by 3CDC CEO Steve Leeper to Cincinnati City Council's Budget and Finance Committee on March 13, 2023.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 7

    OUR MISSION

    1
    Convention Center District Plan
    Development Plan
    • Approximately $200 million renovation of the Duke Energy
    Convention Center including new public plaza on the former
    Millennium Hotel site

    • New Convention Headquarters Hotel on the parking lot at 5th


    and Plum

    • Redevelopment of other publicly controlled assets in the


    surrounding area
    o Purchase Whex Parking Garage and position for
    redevelopment in conjunction with the hotel
    o Demolish 435 Elm and prep site for future mixed-use
    development
    2
    Whex Garage
    Overview
    • Whex Garage
     780-space parking garage
     Adjacent to new Convention
    Headquarters Hotel site
     3CDC has purchase option:
    $11.9MM
     Port Authority would hold the
    property, similar to other
    Convention District assets
     3CDC will lease/operate garage
    and create redevelopment plan

    3
    Whex Garage

    Financing Overview

    Total Uses 12,242,424 ODOD – 166 Loan


    Amount $ 7,000,000
    Sources Interest Rate (Yr 1-5) 0%
    ODOD 7,000,000 Interest Rate (Yr 6-7) 1%
    CEFIII 4,018,182 Amortization Interest Only
    Equity 1,224,242 Term 7 years
    Total Sources 12,242,424 Annual Fees 0.250%

    CEFII Loan
    Amount $ 4,018,182
    Interest Rate 2%
    Amortization 30 years
    Term 7 years

    4
    4
    Whex Garage

    • Whex Garage acquisition is critical to the Convention District


    Plan

    o The garage will provide required parking for Convention


    Headquarter Hotel
    This will result in major savings by eliminating the need
    to build parking within the hotel development itself,
    lowering the subsidy required by the hotel

    o Garage will also provide public parking for Convention


    Center and support additional development on surrounding
    publicly owed sites

    5
    Whex Garage

    • City Request:
    o $275,000 annual appropriation from Downtown/Riverfront
    TIF District to support State of Ohio loan, which will finance
    acquisition
    Matched by $275,00 annual appropriation from
    Hamilton County
    Funds will be held in escrow to backstop loan and are
    not anticipated to be needed to fund annual debt
    service
    7-year maximum term

    o 3CDC will create a redevelopment plan for the garage in


    conjunction with the construction of the new headquarter
    hotel and Convention Center

    6
    7

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