Label
TCIC Loan for Shovel Ready Sites Fund
Department of Economic Development
Brandon Sehlhorst (x1692)/Paul Syring (x1025)/Melanie Campbell (x1252)
Revised
Title
Authorizing the Mayor to enter into a Loan Agreement and other needed instruments with the Toledo Community Improvement Corporation to establish a Shovel Ready Sites Fund that will be used to assemble, acquire, prepare, hold, market and transfer sites within the City for job creating and housing developments; authorizing the appropriation and expenditure of an amount not to exceed $18,700,000 from the General Fund; authorizing the Mayor to accept and deposit loan payments into the General Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Toledo Community Improvement Corporation (“Corporation”) was created by the City of Toledo (“City”) and designated as an agency and instrumentality of the City pursuant to Chapter 1724 of the Ohio Revised Code to advance economic development activities within the City.
Pursuant to the Agreement and Plan of Industrial, Commercial, Distribution and Research Development dated December 5, 2014 (“Plan”), the City and the Corporation maintain a coordinated partnership to support job creation, business attraction and retention, redevelopment, and long-term economic growth.
In furtherance of the Plan, the City intends to issue Economic Development Nontax Revenue Bonds, Series 2026 (Federally Taxable) (the “Bonds”) and to loan the proceeds thereof to the Corporation in the principal amount not to exceed $18,700,000 (“Loan”), pursuant to a Loan Agreement between the City and the Corporation (“Loan Agreement”).
The Loan will provide a dedicated source of capital to enable the Corporation to assemble, acquire, prepare, hold, market, and transfer sites within the City for (i) commercial and industrial (job-creating) development and (ii) housing facilities, all in furtherance of the Corporation’s statutory purposes.
On January 26, 2026, the Corporation’s Board of Directors adopted Resolution 2026-04 authorizing the Corporation to enter into a Loan Agreement with the City.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into a Loan Agreement and other needed instruments with the Toledo Community Improvement Corporation in an amount not to exceed $18,700,000 that will be repaid at 0% interest over a thirty-year term, subject to other terms and conditions approved by the Mayor, the Director of Law and the Director of Finance.
SECTION 2. That the appropriation of an amount not to exceed $18,700,000 is authorized from the General Fund to Account Code 1001-14800-1135001STDSTD and the expenditure of same is authorized for expenditure to the Toledo Community Improvement Corporation, pursuant to the Loan Agreement.
SECTION 3. That the Director of Finance is authorized to draw a warrant or warrants in payment of the above-authorized obligations in an amount not to exceed $18,700,000 upon presentation of the proper voucher or vouchers.
SECTION 4. That the Mayor is authorized to accept and deposit principal and interest loan payments into General Fund Account Code 1001-14800-1135001STDSTD.
SECTION 5. That this Ordinance is declared to be an emergency measure and shall be in force and effect from and after its passage. The reason for the emergency lies in the fact that it is necessary for the immediate preservation of the public peace, health, safety, and property, and for the further reason that the loan is necessary for the timely establishment of the Shovel Ready Sites Fund.
Vote on emergency clause: yeas _____, nays _____.
Passed: _________________, as an emergency measure: yeas _____, nays _____.
Attest: ________________________ __________________________________
Clerk of Council President of Council
Approved: _____________________ __________________________________
Mayor
I hereby certify that the above is a true and correct copy of an Ordinance passed by Council ________________________.
Attest: ________________________
Clerk of Council