Label
Property Readiness Evaluation (PRE) Grant Program
Department of Economic Development
Brandon Sehlhorst (x1692)
Revised
Title
Authorizing the Mayor and Department of Economic Development to implement a Property Readiness Evaluation Grant Program; authorizing the Mayor to enter into program grant agreements; authorizing $80,000 from the General Fund for the Property Readiness Evaluation Grant Program; authorizing, subject to annual appropriations, the expenditure of funds from the General Fund for the Property Readiness Evaluation Grant Program; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Property Readiness Evaluation (PRE) Program addresses one of the most significant barriers to real estate development in Toledo: the lack of site readiness and pre-development due diligence necessary to move projects from concept to implementation. The program is part of the City's Vibrancy Initiative, a comprehensive strategy to strengthen neighborhoods and commercial corridors by supporting both physical improvements and the development pipeline. While programs like the Fa?ade Improvement Grant and White Box Grant focus on visible building upgrades and tenant-ready spaces, the PRE Program focuses on the critical early-stage work needed to bring projects to life.
The PRE Program is designed to enhance the city's economic vitality by supporting pre-development activities that reduce risk, close information gaps, and position catalytic projects for investment. By funding technical analyses and feasibility work, the program helps transform underutilized, vacant, or challenging sites into viable opportunities for job creation, housing development, and long-term private investment.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor and Department of Economic Development are authorized to implement a Property Readiness Evaluation Grant program.
SECTION 2. That the Mayor is authorized t...
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