Label
TolHeightsLibrarySale
Economic Development/Real Estate
S. Martin (x1044)
Revised
Title
Authorizing the Mayor to enter into a Real Estate Purchase and Sale Agreement with the Toledo-Lucas County Public Library ("TLCPL"), Purchaser, and to execute and deliver needed instruments for the conveyance of a portion of city-owned real property located within Highland Park, 1865 Finch Street, Toledo, Lucas County, Ohio; approving the waiver and release of a reverter interest on adjacent property located at 423 Shasta Drive; making certain findings with respect thereto; waiving the competitive bidding and advertising provisions of TMC 187.19; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo ("City") is the owner of certain real property known as Highland Park, located at 1865 Finch Street, Toledo, Ohio 43609, as shown in Exhibit A ("Subject Property"). A portion of the Subject Property is currently utilized by TLCPL via a lease agreement and is occupied by a section of the existing library building and parking lot. TLCPL is interested in acquiring the land underlying its improvements, which will require a land split from the Subject Property to consolidate and formalize its ownership.
The transfer is structured as a negotiated sale at a nominal price of One Dollar ($1.00) to provide TLCPL with marketable fee simple title to the site, facilitating its ability to manage or dispose of the asset. Notice to Council pursuant to TMC 187.19 was provided by written memorandum on May 5, 2026. Additionally, the sale addresses the waiver and release of a reverter interest in favor of the City on the adjacent parcel located at 423 Shasta Drive and provides for the execution and delivery of any necessary documents, easements, or agreements required to effectuate the agreement and protect City interests.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into a Real Estate P...
Click here for full text