The $100 million investment by Medpace CEO Dr. August Troendle will add a new hotel in addition to office and commercial space to the neighborhood of Madisonville. The deal that enables the project involves a lot of moving parts.
Bowdeya Tweh reports on a Cincinnati project moving through the City Council that would allow Medpace to create a new corporate headquarters by "[investing] $100 million to build a new hotel, offices and commercial space" on eight acres of property at the former NuTone manufacturing site.
Just as notable as the size and scope of the investment are the planning and political mountains that moved to pave the way for the project. According to an article by the Cincinnati Business Courier, the Budget and Finance Committee voted "to reduce Medpace’s jobs requirement and average payroll commitment under a Job Creation Tax Credit to help fund the plan." Additionally, the full City Council must still approve a development agreement. Even more, "[a]pproval will also have to be granted individually for a tax increment financing district, planned development agreement, authorization to enter an agreement with the port for a bond sale and authorization to transfer or accept a public right-of-way."
It's also worth noting that the project ignited controversy due to its plan to extend Duck Creek Road from its terminus at Red Bank to connect to Madison Road—cutting through John P. Parker School property in the process.
FULL STORY: Council panel OKs $100M Madisonville plan
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