City of Toledo - File #: O-357-23

• File #: O-357-23
• Version: 1
• Type: Ordinance
• Status: Approved
• File created: 6/14/2023
• In control: Economic Development Department
• On agenda: 6/27/2023
• Final action: 6/27/2023
• Title: Authorizing the expenditure of an amount not to exceed $400,000 from the Capital Improvement Fund for the North Towne Roadway Project; and declaring an emergency.

Date	Ver.	Action By	Action	Result
6/27/2023	1	City Council	Suspension	Pass
6/27/2023	1	City Council	Emergency	Pass
6/27/2023	1	City Council	Passage	Pass

Label
Funding for North Towne Roadway Project
Department of Economic Development
B. Sehlhorst (x1692)

Title
Authorizing the expenditure of an amount not to exceed $400,000 from the Capital Improvement Fund for the North Towne Roadway Project; and declaring an emergency.

Body
SUMMARY & BACKGROUND:
As part of the Toledo Trade Center Industrial Park redevelopment project by NorthPoint Development, the former North Towne Square Mall property will undergo a $100 million transformation. In conjunction with this redevelopment, the City plans to reconstruct the public roadways surrounding the site, as shown in Exhibit A. The estimated cost for this reconstruction project is $4,296,522.

Ordinance 556-21 authorized the sale of the former North Towne Square Mall site to NorthPoint Development, LLC. The Ordinance authorized the sale proceeds be deposited into Capital Improvement Fund and appropriated the $400,000 for future site procurement and site development projects. The Administration strategically placed the sale proceeds in this account to use it to offset the $4,296,522 cost of the North Towne Roadway project.

This Ordinance authorizes the expenditure of the $400,000 for the North Towne Roadway project. Ordinance 338-23 authorized the acceptance of a $1.5 million grant from JobsOhio's Ohio Site Inventory Program to offset the City's cost of this project. Ordinance 95-23 authorized the remainder of the funding from the Capital Improvement Fund for this project.

Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:

SECTION 1. Authorizing expenditure in an amount not to exceed $400,000 from Capital Improvement Fund Account Code 5040-16400-8CP2148DEVPRO for the North Towne Roadway Project.

SECTION 2. That the Director of Finance is authorized to issue her warrant or warrants against the account code listed in Section 1 in an amount not to exceed $400,000 in payment of the above authorized obligations.

SECTION...