Label
Community Reinvestment Area for The Glen
Department of Economic Development
Welch (x1409), C. Watkins (x1154)
Revised
Title
Approving a Community Reinvestment Area real property tax exemption for the Grand and Glen, LLC for the construction of a new multi-family, affordable housing facility, located at 3300 Glendale Ave., Toledo, Ohio 43614 in the Southwest Community Reinvestment Area (SW); authorizing the execution of an agreement and other documents related thereto; making certain findings and determinations in connection therewith; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance No. 787-95, passed on December 20, 1995 (amended by Ordinance 57-96, passed on February 6, 1996; amended by Ordinance 579-23, passed on October 24, 2023), Toledo City Council (the “Ordinance”) created the “Southwest (SW) Community Reinvestment Area” pursuant to Sections 3735.65 through 3735.70 of the Ohio Revised Code.
Grand and Glen LLC (the “Owner”) has submitted an application and agreement for a CRA real property tax exemption as prescribed by Ohio Revised Code Sections 3735.67 and 3725.671. The exemption is requested for the new construction of an approximately 50,272 sq. ft. affordable housing complex, to consist of 50 residential units. The estimated investment cost is $20,359,119.00 (the “Project”).
This Project is in conformance with Toledo’s Southwest Community Reinvestment Area requirements as established by the above referenced ordinance. The Toledo Public School District was notified pursuant to Ohio Revised Code Section 5709.83 of the granting of a one hundred percent (100%) fifteen (15) year tax exemption. The Toledo Public School District Board has approved the terms of this CRA Agreement contingent on the passage of this Ordinance. This Ordinance is required to authorize a one hundred percent (100%) real property tax exemption for fifteen (15) years for taxes that would otherwise be generated due to the increase in the assessed valuation of the real property at the project site.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That pursuant to Ohio Revised Code section 3735.67 and City of Toledo Ord. No. 787-95, a Community Reinvestment Area real property tax exemption of one hundred percent (100%) of the increase in the assessed valuation of real property resulting from new construction by the Grand and Glen LLC on property located at 3300 Glendale Ave., Toledo, Ohio within the Southwest Community Reinvestment Area is approved; and further said exemption shall be for a period of fifteen (15) years and said period shall commence as of the first year in which, but for that exemption, the specified building construction, or portion thereof, would otherwise become taxable.
SECTION 2. That the Mayor is authorized to enter into a Community Reinvestment Area Tax Exemption Agreement with the Grand and Glen LLC and Director of Law, Director of Housing and Community Development and Director of Economic Development and other appropriate City officials are authorized to execute such other agreements, instruments, documents, and certifications, and take such other actions as may be necessary or appropriate to effectuate the above authorized Community Reinvestment Area exemption.
SECTION 3. That it is found and determined that all formal actions of City Council concerning and relating to the passage of this Ordinance were taken in an open meeting of City Council, and that all deliberations of City Council and any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements, including those of Sections 121.11 and 121.22 of the Ohio Revised Code.
SECTION 4. 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 the same is necessary for the immediate preservation of the public peace, health, safety, and property, and for the further reason that the Ordinance must be immediately effective in order to enable the City to approve tax exemption for this housing development in Toledo’s Southwest Community Reinvestment Area.
Vote on emergency clause: yeas 12, nays 0.
Passed: October 23, 2024, as an emergency measure: yeas 12, nays 0.
Attest:
Julie A. Gibbons Carrie Hartman
Clerk of Council President of Council
Approved: October 24, 2024
Wade Kapszukiewicz
Mayor