Label
5245 Airport Hwy
Removal of Special Assessment
Council President Hartman
Title
To remove Special Assessments previously levied for certain public improvements in the City of Toledo, Ohio in cooperation with the Northwest Ohio Advanced Energy Improvement District (Frayer Enterprises, LLC Project) and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Council of the City of Toledo previously adopted an ordinance levying property assessed clean energy ("PACE") special assessments on certain property located at 5325 and 5245 Airport Hwy, Toledo, Ohio and as owned by Frayer Enterprises, L.L.C. (the "Owner"). The special assessments repay and secure financing for special energy improvement projects installed at the property. The financing was provided by Greenworks Lending LLC, and as thereafter assigned to PACEWell 3 LLC (the "Investor").
On March 20, 2020, the Director of the Department of Economic Development approved a Petition for Special Assessments for Special Energy Improvement Projects and Affidavit (the "Petition") and the Northwest Ohio Advanced Energy Improvement District (the "District") Program Plan-Supplement to Plan for the Frayer Enterprises Project (the "Supplemental Plan") from the Owner; and
This Council (the "Council") of the City of Toledo, Ohio (the "City") duly passed Ordinance No. O-129-20 on April 7, 2020 (the "Ordinance Levying Assessments") and levied special assessments for the purpose of acquiring, constructing, and improving certain public improvements at 5325 and 5245 Airport Hwy in the City in cooperation with the District as requested and described in the Petition and the Supplemental Plan (the "Special Assessments");
As described in the Energy Project Cooperative Agreement dated as of April 23, 2020 (the "Energy Project Cooperative Agreement"), the Investor authorized financing (the "Project Advance") to the Owner for the purpose of paying and financing the costs of the special energy improvement projects describ...
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