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 rehabilitation and residential conversion. By addressing existing exterior conditions, the investment will help preserve the historic structure, reduce redevelopment risks, strengthen the project's financial feasibility, and position the development to secure the remaining financing necessary to proceed with construction.
This Ordinance authorizes the Mayor to accept and appropriate up to $2,000,000 in REDD grant funding and enter into a subrecipient agreement with 520 Madison LLC and the Lucas County Land Bank to implement the eligible improvements. The grant represents an important investment in the preservation and redevelopment of the Spitzer Building and the broader revitalization of downtown Toledo.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into and execute a grant agreement with the State of Ohio Department of Development’s (ODOD) and to accept and deposit financial assistance from the Residential Economic Development District (REDD) Program to support the redevelopment of the historic Spitzer Building located at 520 Madison Avenue, upon such terms and conditions as approved by the Director of Economic Development and the Director of Law.
SECTION 2. That the Mayor is authorized to accept and deposit grant proceeds from ODOD into the Operation Grants Fund in an amount not to exceed $2,000,000, into Account Code 2016-16400-5GXXXX for the purposes authorized herein.
SECTION 3. That the appropriation of an amount not to exceed $2,000,000 is authorized from the unappropriated grant proceeds in the Operation Grants Fund to the Account Code identified in Section 2 for eligible project costs associated with the stabilization and weatherproofing of the historic Spitzer Building; and the expenditure of the same is authorized.
SECTION 4. That the Mayor is authorized to enter into and execute a subrecipient agreement with 520 Madison LLC and the Lucas County Land Bank for the implementation of eligible project activities funded through the REDD program, upon such terms and conditions as acceptable to the Director of Economic Development and the Director of Law.
SECTION 5. That the Finance Director is authorized to draw their warrant or warrants against the Account Code in Section 2 in an amount not to exceed $2,000,000 in payment of the obligations incurred pursuant to the agreement authorized in Section 4 upon, presentation of the proper voucher or vouchers.
SECTION 6. 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 this Ordinance is necessary for the immediate preservation of the public peace, health, safety and property, and for the further reason that this Ordinance is necessary to facilitate the timely acceptance and expenditure of grant funds, advance critical stabilization improvements to prevent further deterioration of the historic Spitzer Building, and maintain progress toward its redevelopment.
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