Goal​

 

The goal of DCED’s Property Sale Assistance program is to strategically unlock key sites for future redevelopment activity and facilitate the retention and expansion of existing City businesses.

 

Who Can Apply?

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• Business Owners

• Developers

• Non-Profit Developers, Community Development Corporations

 

Overview of Process

 

Interested parties should submit a completed Financial Assistance Application to the program manager listed below specifying the City-owned property they would like to purchase. DCED staff review the application for completeness and may request additional items from the applicant as necessary. As a part of this review process, DCED staff circulate a Coordinated Report to receive feedback from City departments and utility companies on the proposed sale and request that the City’s Real Estate Services Division conduct an appraisal of the property to determine its fair market value. DCED staff may also underwrite any projects that propose rental end use or involve another form of public incentive. Once the application review is complete, the property is appraised, and the Coordinated Report is circulated, DCED makes a recommendation to the City Manager regarding the direct sale or project. If the City Manager approves the direct sale, DCED extends an offer letter or term sheet to the applicant. If the applicant accepts the terms, DCED directs them to the Department of City Planning & Engagement (“CP&E”) to coordinate presenting the sale before the City Planning Commission for approval, and to the Department of Building & Inspections (“B&I”) to take the project through a Coordinated Site Review (“CSR”). Simultaneously, the Law department drafts an agreement and accompanying ordinance, which is negotiated between the applicant and City prior to being forwarded to City Council for final review and legislative approval. Following passage of the sale and authorization of the agreement, the City and the applicant execute the agreement. Once executed, DCED and the applicant enter the sale’s due diligence period, during which the City collects all required due diligence materials. DCED and the applicant then coordinate a real estate closing to formalize the property transfer. Following this, the applicant may commence construction on their project. 

Timeline​

 

Financing executed on an ad hoc basis throughout the calendar year.

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Interested? Have questions? For more information, contact:

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Danny Jones, daniel.jones@cincinnati-oh.gov

Documents & Helpful Links​

 

• Balanced Development Application

• City of Cincinnati Business Disclosure Form

• City of Cincinnati Business List Webpage