Label
CRAZalmaiSedige(5744Southwyck)
Department of Economic Development
B. Sehlhorst (x1692) C. Watkins (x1154)
Revised
Title
Approving a Community Reinvestment Area real property tax exemption for Zalmai Sedige, 4455 Secor Rd., Toledo, Ohio 43623, for the remodeling of an existing commercial facility into a multi-family residential unit, located at 5744 Southwyck Boulevard., Toledo, Ohio 43614, property in the Hawthorne Hills Community Reinvestment Area (HH); 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. 111-17, passed on April 18, 2017, Toledo City Council (the “Ordinance”) created the “Hawthorn Hills (HH) Community Reinvestment Area” pursuant to Sections 3735.65 through 3735.70 of the Ohio Revised Code. This area was subsequently confirmed as Community Reinvestment Area No. 095-77000-170 by the Ohio Department of Development on May 18, 2017.
Zalmai Sedige (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 transformation of an approximately 15,072 sq. ft. existing commercial building into a 14-unit residential apartment complex. The estimated investment cost is $1,526,000 (the “Project”).
This Project is in conformance with Toledo’s Hawthorne Hills Community Reinvestment Area requirements as established by the above referenced ordinance. The Toledo Public School District has been notified pursuant to Ohio Revised Code Section 5709.83 of the granting of a one hundred percent (100%) twelve (12) 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 twelve (12) 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. 111-17, 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 the renovation construction project by the Owner on property located at 5744 Southwyck Blvd., Toledo, Ohio within the Hawthorne Hills Community Reinvestment Area is approved; and further said exemption shall be for a period of twelve (12) 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 Zalmai Sedige and Director of Law, Director of Economic Development and the Real Estate Division 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 business expansion in Toledo’s Hawthorne Hills Community Reinvestment Area.
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