Cincinnati City Council votes on 3CDC-Saks deal

CINCINNATI (Cincinnati Business Courier) - Cincinnati City Council approved an agreement to allow the Cincinnati Center City Development Corp. to redevelop the former Saks Fifth Avenue building downtown, transforming it into an office, retail and restaurant site.

Council voted 8-1 to exempt improvements to the site from property taxes for the next 30 years, an exemption valued at $161,249 a year initially. 3CDC will have to pay taxes on the property as it exists today.

Vice Mayor Jan-Michele Lemon Kearney voted against that ordinance, reiterating concerns she has about minority and women developers not getting enough work in the city.

Read the full story from the Cincinnati Business Courier.

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