Label
Sale of 6.51 Acres in Triad Business Park
Department of Economic Development
B. Sehlhorst (x1692)
(Revised)
Title
Authorizing the mayor to enter into a real estate purchase agreement with Louisville Title Agency for N.W. Ohio, Inc., and to execute and deliver needed instruments for the sale and conveyance of 6.51 acres of city-owned real property at Triad Business Park, in Monclova Township, Lucas County, Ohio; making certain findings with respect thereto; waiving the competitive bidding and advertising provisions of TMC 187.19; authorizing the deposit of net sale proceeds into the Property Management Fund; authorizing the appropriation and transfer of proceeds to the General Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The city of Toledo is the owner of certain real property located in Monclova Township known as Triad Business Park (Exhibit A). The city has received an offer from Louisville Title Agency for N.W. Ohio, Inc. to purchase 6.51+ acres in Triad Business Park (Parcel #38-88718) and wishes to sell the property, subject to final survey determination as shall be approval by the Director of Law. The subject real property is located within the Maumee-Monclova-Toledo Joint Economic Development Zone.
Louisville Title Agency for N.W. Ohio, Inc. will acquire ownership on behalf of a company that is considering locating its manufacturing operations on the site. The site is one of a number of locations being considered for this project. As such, the prospective company wishes to remain anonymous until a final location is selected.
The prospective company intends to invest approximately $12 million in the construction of a new facility that would create 20 full-time equivalent jobs. Development of this real property is further subject to the requirements of the Monclova Township Zoning Resolution and/or Lucas County Subdivision Regulations, and review and approval by the Monclova Township Zoning Commission and the Lucas County ...
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