“After a few years of work and advocacy from the Warren County Port Authority and receiving environmental approval from the EPA, Peters Cartridge has finally closed financing and will begin construction!” Martin Russell, executive director of the port authority posted Thursday on LinkedIn.
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The leases then call for the authority to lease the building back to the developer for $1,000 a year for 10 years. The developer is to pay the authority a $30,000 closing fee and oversee construction of the mixed-use project.
The long-anticipated redevelopment is expected to end problems with the vacant property, along the Little Miami River and multi-use trail.
A new microbrewery, Cartridge Brewing, is planned for the commercial section of the development. On Friday, liquor permits were still pending.
The project, on Grandin Road, just east of the river, is also to include “indoor parking for 140 vehicles,” according to the leases.
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It is unclear how much the developer would save in sales tax.
It is also unclear how much developer Bloomfield Schon isinvesting in the project. Schon could not be reached for comment Friday.
Other incentives the project has received include a $491,000 tap-in fee discount and $7 million in state and federal historic tax credits. The U.S. EPA funded a clean-up of the site at a cost of $5 million.
The total investment has been listed as $25 million. County Auditor Matt Nolan said the projected value would be $12 million after improvements.
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A tax abatement was also granted on the project. Nolan estimated the tax forgiven at $279,600 a year, $210,180 that would have gone to the Kings Local Schools.
A proposed $9.5 million county bridge project is expected to ease traffic across the Little Miami River and past the development, on the river bank near the multi-use trail running from Loveland to Springfield.
“The Port is greatly appreciative to be part of this project and partner with Bloomfield Schon & Partners who will manage the redevelopment,” Russell added in the LinkedIn post.
On Friday, authority Deputy Director Matthew Schnipke said via email,”It is our understanding that construction will begin right away pending weather.”
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