Label
DNBD 2340 S REYNOLDS/TPFCU
Development/Real Estate
D A Johnson (x1431)
S Spang (x)
Title
Authorizing the Mayor to enter, execute and deliver a real estate purchase agreement and other needed instruments for the sale and conveyance of a portion of 2340 S. Reynolds Rd. to the Toledo Police Federal Credit Union; authorizing the deposit of net sale proceeds; making certain findings with respect thereto; waiving the notice and competitive bidding provisions of T.M.C. 187.19; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo is the owner of the site of the former Clarion Hotel at 2340 S. Reynolds Road, parcel 07-70391. The city acquired the 5-acre property in 2014 through the Lucas County Land Bank with the plan to redevelop the property in a manner that both enhances the commercial character and fosters the further development of the Hawthorne Hills area. In 2019 1.5 acres was sold to the International Union of Operating Engineers for Seventy-Five Thousand Dollars ($75,000). The Toledo Police Federal Credit Union has offered to buy the remaining 3.5 acres for Two Hundred Eighty-Nine Thousand Dollars ($289,000). The Buyer will construct a new office and retail banking center on the site.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $0
- The expenditure budget line item: n/a
- New revenue generated (operational revenue, grants, if any): $289,000
- Revenue budget line item (if any): None
- Are funds budgeted in the current fiscal year (yes/no)?: n/a
- Is this a capital project (yes/no)? No
- If yes, is it new or existing (new/existing)? n/a
- What section of the City’s Strategic Plan does this support:
o Excellence in Basic Services (yes/no) No
o Quality Community Investment (Livable City, Development) (Yes/No) Yes
o Workplace Culture & Customer Service (yes/no) no
o Environment (yes/no) no
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor and the Real Estate division of the Department of Economic Development are authorized to enter into a purchase agreement and execute needed instruments for the sale and conveyance of the real estate located at 2340 S. Reynolds Road, as more fully described in Exhibit “A”, to the Toledo Police Federal Credit Union for $289,000.
SECTION 2. That the agreement and needed instruments shall contain other terms and conditions deemed necessary and proper by the Mayor, the Department of Law and the Department of Economic Development.
SECTION 3. That it is found and determined that the subject real property is not needed for any municipal purpose.
SECTION 4. That this Council find it in the public interest to waive the competitive bidding requirements of Toledo Municipal Code Section 187.19 for the reason that the sale will result in investment in the property, preserve employment and address the blight impacting the surrounding area.
SECTION 5. That the Mayor, Director of Economic Development, and Director of Law are authorized to execute and deliver such agreements, deeds, certifications and instruments and to take such other lawful action as may be necessary or appropriate in order to carry out the purpose authorized herein.
SECTION 6. That the Finance Director is authorized to accept and deposit the net sale proceeds into the Capital Improvement Fund, Account Code 5040-16500-5000436STDSTD.
SECTION 7. That it is found and determined that all formal actions of Council concerning and relating to the passage of this Ordinance were adopted in an open meeting of Council and that all deliberations of Council and any of its committees that result in such formal action were in meetings open to the public in compliance with all legal requirements, including Section 121.22, Ohio Revised Code.
SECTION 8. That this Ordinance is declared to be an emergency measure and shall take effect and be in force immediately from and after its passage. The reason for the emergency lies in the fact that same is necessary for the immediate preservation of the public peace, health, safety and property and for the further reason that this Ordinance must be immediately effective to facilitate sale and conveyance of the property.
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