Label
$2M REDD Grant for Spitzer Building
Department of Economic Development
B. Sehlhorst (x1692) / S. Nyi
Revised
Title
Authorizing the Mayor to enter into a grant agreement with and accept financial assistance from the State of Ohio Department of Development’s Residential Economic Development District Program to support the redevelopment of the historic Spitzer Building located at 520 Madison Avenue; authorizing the acceptance, deposit, appropriation and expenditure of grant proceeds into the Operation Grants Fund in an amount not to exceed $2,000,000; authorizing the Mayor to enter into a subrecipient agreement with 520 Madison LLC and the Lucas County Land Bank for said project; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The historic Spitzer Building, located at 520 Madison Avenue in downtown Toledo, is a cornerstone of the Four Corners District and represents a significant opportunity for historic preservation, housing development, and downtown revitalization. The proposed redevelopment will transform the approximately 225,000-square-foot, long-underutilized building into a mixed-use development featuring approximately 160 residential units.
The City of Toledo, in partnership with the project's development team, applied for funding through the Ohio Department of Development's (ODOD) Residential Economic Development District (REDD) Program to support critical improvements necessary to advance the redevelopment.
The City has been awarded $2,000,000 through the REDD Program to support exterior stabilization and weatherproofing improvements to the Spitzer Building. Grant proceeds will be used for eligible construction activities, including masonry restoration, tuckpointing, stone replacement, cornice repairs, and other improvements necessary to secure the building exterior, prevent further deterioration, and protect the structure from water infiltration.
These improvements are a critical prerequisite to the building's planned interior rehab...
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