Label
Economic Development
Dura Tyler Renewable Energy Lease with Metroparks Toledo
Brandon Sehlhorst (x1692)
Revised
Title
Authorizing the Mayor to enter into a Renewable Energy Facilities Lease Option and Lease Agreement with the Metroparks Toledo Foundation for city-owned properties known as the Tyler Street Landfill, 4230 Expressway Drive, Toledo, Ohio and the Dura Avenue Landfill, 316 Dura Avenue, Toledo, Ohio; authorizing the receipt and deposit of lease revenue; making findings with respect thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This ordinance authorizes the Mayor to enter into an option and long-term lease agreement with the Metroparks Toledo Foundation for the installation, operation, and maintenance of renewable solar facilities at the city-owned and closed Tyler and Dura landfills. Metroparks Toledo Foundation, with development partners, will determine, and if feasible, proceed to construct, install, and operate renewable solar energy. electric generating systems at these two locations. The operation of these facilities and the lease will be in accordance with the environmentally based Restrictive Covenant and Consent Order encumbering these properties. Initially, the Metroparks Toledo Foundation will be granted a two (2) year period to exercise an option to enter into a lease for up to four (4) years. In the event the Metroparks Toledo Foundation elects to exercise its lease option, the lease will have an initial term of thirty (30) years with an opportunity to extend the term for five (5) additional periods of five (5) years each. Annual rent for the lease is Ten Dollars and 00/100 ($10.00) per year.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into Renewable Energy Facilities Lease Option and Lease Agreement with Metroparks Toledo Foundation, an Ohio not for profit corporation, for the properties known as the Dura and Tyler Landfills i...
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