Label
TCIC Loan for Shovel Ready Sites Fund
Department of Economic Development
Brandon Sehlhorst (x1692)/Paul Syring (x1025)/Melanie Campbell (x1252)
Revised
Title
Authorizing the Mayor to enter into a Loan Agreement and other needed instruments with the Toledo Community Improvement Corporation to establish a Shovel Ready Sites Fund that will be used to assemble, acquire, prepare, hold, market and transfer sites within the City for job creating and housing developments; authorizing the appropriation and expenditure of an amount not to exceed $18,700,000 from the General Fund; authorizing the Mayor to accept and deposit loan payments into the General Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Toledo Community Improvement Corporation ("Corporation") was created by the City of Toledo ("City") and designated as an agency and instrumentality of the City pursuant to Chapter 1724 of the Ohio Revised Code to advance economic development activities within the City.
Pursuant to the Agreement and Plan of Industrial, Commercial, Distribution and Research Development dated December 5, 2014 ("Plan"), the City and the Corporation maintain a coordinated partnership to support job creation, business attraction and retention, redevelopment, and long-term economic growth.
In furtherance of the Plan, the City intends to issue Economic Development Nontax Revenue Bonds, Series 2026 (Federally Taxable) (the "Bonds") and to loan the proceeds thereof to the Corporation in the principal amount not to exceed $18,700,000 ("Loan"), pursuant to a Loan Agreement between the City and the Corporation ("Loan Agreement").
The Loan will provide a dedicated source of capital to enable the Corporation to assemble, acquire, prepare, hold, market, and transfer sites within the City for (i) commercial and industrial (job-creating) development and (ii) housing facilities, all in furtherance of the Corporation's statutory purposes.
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