FBT Represents Multiple CDEs in Centerpiece New Markets Transaction

Client: Cincinnati Development Fund, Inc., Cincinnati New Markets
Fund, LLC
Open date: 2010
Close date: 2010
Monetary value: $45,758,238

Washington Park Restoration, LLC purchased a leasehold interest in a parcel of real estate owned and operated by the City of Cincinnati as a public park.  Washington Park used the funds to purchase the interest, construct, and manage an underground parking garage while restoring the surface of the property to use as a public park.  The restored park included significant improvements intended to benefit the residents of the area.  This project is a centerpiece to the redevelopment of the Washington Park area of Over-the-Rhine, a distressed neighborhood in Cincinnati, Ohio.  The loans were provided from a variety of sources including state, city, and private foundation grants, as well as loans made possible by New Markets Tax Credit allocations contributed by 3 allocatees, two of which were represented by FBT:  Cincinnati New Markets Fund, and Cincinnati Development Fund. 

Outcome

Assisted by Frost Brown Todd’s title company, Multi-State Title Agency, Ltd., Washington Park received the loans from the allocatees that permitted it to proceed with the construction of the parking garage. FBT worked with counsel for the third allocatee, the investor, Washington Park, the City of Cincinnati, and the Ohio Department of Development, to prepare construction loan documents for the parking garage and the park, as well as, to issue the complicated tax opinions required for new markets transactions.

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