Label
CRA Westgate Village North, LLC
Department of Economic Development
B. Sehlhorst (x1692)
Revised
Title
Approving a Community Reinvestment Area real property tax exemption for Westgate Village North, LLC, to facilitate the redevelopment of the former Sears site at 3450 W. Central Avenue into a signature retail destination within the West Toledo Community Reinvestment Area; authorizing the execution of an agreement and other documents related thereto; making certain findings and determinations in connection therewith; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Westgate Village North, LLC ("Owner") has submitted a Community Reinvestment Area (CRA) application for a real property tax exemption pursuant to Ohio Revised Code Sections 3735.67 and 3735.671 and City of Toledo Ordinances 63-19 and 580-23. The exemption is requested to support the construction of approximately 183,081 square feet of new, high-quality commercial space on the former Sears site in West Toledo. The redevelopment will include restaurants, retail establishments, and participant sports and recreation uses, representing a total estimated investment of $50,148,392 (the "Project"). The Project is expected to create more than 80 permanent jobs with an estimated annual payroll of $3,868,103.
The Project complies with the requirements of the West Toledo Community Reinvestment Area as established by the above-referenced ordinances. In accordance with Ohio Revised Code Section 5709.83, the Washington Local School District was notified of the proposed one hundred percent (100%) real property tax exemption for a term of fifteen (15) years and has approved the terms of the CRA Agreement contingent upon passage of this Ordinance. Westgate Village North, LLC and the Washington Local School District will enter into a Payment in Lieu of Taxes Agreement to compensate the District for a portion of its forgone tax revenue. This Agreement was approved by the Washington Local Board of Education...
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