Cincinnati City Council voted unanimously Wednesday to approve $4 million to help 3CDC complete renovations on the Whex Garage near the First Financial Center.
The money was previously allocated for the convention center renovation project, which came in under budget.
The 780-space parking garage at the corner of West 5th and Elm is one of several pieces of the "convention district" Downtown; it's next to the site of the future 700-room convention center hotel.
3CDC and The Port purchased the Whex Garage in 2023, with funding help from both the city of Cincinnati and Hamilton County and a 0-1% interest state loan.
The ordinance passed Wednesday includes the $4 million for renovations; it also specifies the city will purchase the garage for $1 and then lease it to 3CDC for $1 per year.
City officials calculated the fair market value of leasing the garage to be about $1.2 million a year, but the ordinance says a $1 annual lease is appropriate "because the City will receive economic and non-economic benefits from the transaction that are anticipated to equal or exceed the fair market value."
3CDC will operate the garage, which will provide parking for the First Financial Center, the future convention hotel, as well as general public parking.
"Holding title to the Convention Center Garage will ensure the City has oversight and control over an important public asset supporting the convention district," says a statement attached to the ordinance. "Additionally, the City's ownership will facilitate a property tax exemption that will support the financial viability of the Convention Center Garage specifically and the Convention District as a whole."
Renovations on the garage started last spring; 3CDC CEO Steve Leeper tells WVXU it should be complete by mid-June.
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