CINCINNATI, OH (FOX19) - City Council's Budget and Finance Committee approved a deal that outlines a new use for the historic Enquirer building on Vine Street Monday. The deal will allow SREE Hotels to renovate the building into a 238-room hotel with 12,000 square feet of street-level retail space.
Upon approval by full Council a 12 year tax exemption agreement with SREE Hotels would reduce the tax liability for the North Carolina company by more than $7 million. The tax exemption agreement is meant to aid in development of commercial structures by reducing operating expenses and promoting compliance with Leadership in Energy and Environmental Design (LEED.)
Mayor Mark Mallory said, "The deal also illustrates the increasing demand for more hotel rooms in Cincinnati. We have been focused on creating providing a great visitor experience for all of our guests, and that is paying off with increased tourism and convention business."
The project is expected to create 35 permanent full time jobs, 20 permanent part time jobs, and 80 temporary construction jobs. "City government continues to strike deals that put people to work and helps our tax base," said City Manager Milton Dohoney, Jr. "This deal and coupled with the renovations at the Hyatt help to build our capacity for bigger and bigger convention and meeting business that in turn help our economy."
SREE Hotels plans to have the project completed by the end of 2014.