Label
Amend Middlegrounds Development Agreement
Development / Law
B. Sehlhorst (1692)/ E. Granata (x1020)
Revised
Title
Authorizing amendments or supplements to the Development Agreement for the Middlegrounds dated June 1, 1994 as supplemented December 23, 2013; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Pursuant to an Urban Redevelopment Plan adopted by City in July of 1994, the City of Toledo and the Toledo-Lucas County Port Authority, Lucas County and State of Ohio and Toledo Edison jointly collaborated with Owens Corning to secure the construction of a new world class corporate headquarters on the Middlegrounds in Downtown Toledo.
A Development Agreement for the Middlegrounds dated June 1, 1994, originally executed among the City of Toledo, Lucas County, Owens Corning, the Toledo Lucas County Port Authority and Centerior Properties, Inc. and ratified by Toledo City Council Ordinance No. 314-94, established the framework for the cooperative development of the Middlegrounds. This Agreement was amended and supplemented by a Project Agreement between the City, Owens Corning, and the Toledo-Lucas County Port Authority dated December 23, 2013. Current discussions are related to, and a continuation of, the purposes of this Development Agreement.
The City has been working collaboratively with Owens Corning, and the Toledo Public Schools on an agreement that would enable Owens Corning to remain at and reinvest in its current downtown headquarters. Contingent upon all the necessary approvals by the appropriate authorities, including Toledo City Council, Owens Corning has agreed to renew its commitment to remain in its current headquarters for the foreseeable future and continue the connection between the City and Owens Corning that dates from its founding in 1938.
The commitments asked of the City of Toledo include an extension for thirty (30) additional years of the tax increment financing structure (TIF), which was critica...
Click here for full text