Label
DNBD 2340 S REYNOLDS/IUOE
Development/Real Estate
D A Johnson (x1431)
(Revised)
Title
Authorizing the Mayor to enter, execute and deliver a real estate purchase agreement and other needed instruments for the sale and conveyance of a portion of 2340 S. Reynolds Rd. to the Trustees of Local Union No. 18 of the International Union of Operating Engineers; authorizing the deposit of net sale proceeds; making certain findings with respect thereto; waiving the notice and competitive bidding provisions of T.M.C. 187.19; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo is the owner of the site of the former Clarion Hotel at 2340 S. Reynolds Road, parcel 07-70391. The city acquired the property in 2014 through the Lucas County Land Bank with the plan to redevelop the property in a manner that both enhances the commercial character and fosters the further development of the Hawthorne Hills area. The subject property's most recent sale was in 2010 in the amount of $1,160,000 at a time when an operating hotel was located at the site. The 5-acre property was appraised in 2015 for $500,000. An adjacent property owner, Local 18 of the IUOE, is offering to purchase a 1.5-acre portion of the site immediately to the rear and south of their existing parcel for Seventy-Five Thousand Dollars ($75,000) and a commitment to maintain the grass on the remaining 3.5 acres retained by the city for a period of five years. The Buyer will utilize this property and the parcel they currently own as the site of a new, larger Local 18 IUOE office.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor and the Real Estate division of the Department of Neighborhood & Business Development are authorized to enter into a purchase agreement and execute needed instruments for the sale and conveyance of the real estate located at 2340 S. Reynolds Road, as more fully described in Exhibit "A", to the Trustees of Local...
Click here for full text