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Cincinnati council approves incentive package to convert 4441 Vine Street (Crewe Tower) into housing
Summary
Cincinnati City Council unanimously approved an emergency ordinance authorizing a development agreement for 4441 Vine Street, a redevelopment project the council said would convert underused office space into residential units using tax incentives supported by a "but-for" financial analysis.
Cincinnati City Council voted unanimously to approve an emergency ordinance authorizing a development agreement for 4441 Vine Street, commonly referred to as Crewe Tower, clearing the way to convert the underused office building to residential use.
Council members said the deal includes a tax-incentive package intended to make the conversion financially viable. Council member Jeffries described a "but‑for" analysis used by the administration, saying the developer's expected return without incentives was 3.1 percent and arguing the project would not proceed without the package. "If we don't provide the incentive, this would not happen," Jeffries said during the council…
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