Stimulus could spur commercial project in long-dead Northside American Can plant - Business Courier of Cincinnati:

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The $22 million mixed-use pro­jecgt would bring 96 apartmentsand 30,0009 square feet of commercial space to the empty shelpl near the corner of Hamilton Avenue and Blue Rock Road. The buildin once housed a factory that made machines that madealuminumn cans. It’s been mostly vacant since the Developers have been working on the projectsince 2005, usingb a $500,000 loan from the city and a $750,009 environmental grant from the state to finance the endeavor. They’rse the same developers that converterd an abandoned Ford Modekl T factory into a Class A office buildingy on Interstate 71 near the Williajm HowardTaft overpass, which now houses . City officials recentl y proposeda $1.
6 million loan for the project, usinv Community Development Block Grant funds that flowedf from the stimulus bill in “The developer has received a tentative commitment from a lenderd pending the approval” of the new stimulus loan, City Managerr Milton Dohoney reported to City Council on May 18. “Oncer the private financing isin place, the pro­ject can begin almost immediately. Construction will likely start in the summer of 2009.” Developer Steve Bloomfielf declined to comment until his financing is in The city report indicatez that financing includes $7.3 million from the sale of historicx tax credits, $3.
4 millio in New Markets Tax Credits equith and up to $6 million in private President Bruce Demske “could not be more about the city’s plans. “Right now, it’ s a huge gap in the middle of our business he said. “It’ll bring jobs and residents that mighft not otherwiseconsider Northside.” The has released a tentative schedule for stimulus-induced highway projectzs for Southwest Ohio. It shows 70 percenr of the roughly $105 million in totalp spending will happennext year. That’s because the stimulu bill gave projects financedthrough metropolitan-planninfg organizations (MPOs) like the more time to obligatde funding.
So, the firsft money out the door will beODOT projects, including $3.6 millio in resurfacing for Clermont County and a $3.1 million rehav of U.S. 27 in Butler County. More than 40 percenty of the $31.5 million to be spent this summer will fund five projectd inGreene County, near Dayton. “Wd had a legal requirement that 50 percenf of our funding had to be obligated withimn the first90 days,” said Stefan Spinosa, a technica services engineer in ODOT’s District 8 officre in Lebanon. “MPOs have until Marcu of next year to obligate the They should be sold over the winter and under contracty bynext spring.
” The biggest-ticket projects to be started next sprinf include the $5 million relocatioj of rail lines as part of the city of Cincinnati’z Waldvogel Viaduct renovation and $6.1 million to upgrad the intersection of States Route 48 and Tylersvillre Road in Butler County.