Label
Community Reinvestment Area for The Glen
Department of Economic Development
Welch (x1409), C. Watkins (x1154)
Revised
Title
Approving a Community Reinvestment Area real property tax exemption for the Grand and Glen, LLC for the construction of a new multi-family, affordable housing facility, located at 3300 Glendale Ave., Toledo, Ohio 43614 in the Southwest Community Reinvestment Area (SW); 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:
Ordinance No. 787-95, passed on December 20, 1995 (amended by Ordinance 57-96, passed on February 6, 1996; amended by Ordinance 579-23, passed on October 24, 2023), Toledo City Council (the "Ordinance") created the "Southwest (SW) Community Reinvestment Area" pursuant to Sections 3735.65 through 3735.70 of the Ohio Revised Code.
Grand and Glen LLC (the "Owner") has submitted an application and agreement for a CRA real property tax exemption as prescribed by Ohio Revised Code Sections 3735.67 and 3725.671. The exemption is requested for the new construction of an approximately 50,272 sq. ft. affordable housing complex, to consist of 50 residential units. The estimated investment cost is $20,359,119.00 (the "Project").
This Project is in conformance with Toledo's Southwest Community Reinvestment Area requirements as established by the above referenced ordinance. The Toledo Public School District was notified pursuant to Ohio Revised Code Section 5709.83 of the granting of a one hundred percent (100%) fifteen (15) year tax exemption. The Toledo Public School District Board has approved the terms of this CRA Agreement contingent on the passage of this Ordinance. This Ordinance is required to authorize a one hundred percent (100%) real property tax exemption for fifteen (15) years for taxes that would otherwise be generated due to the increase in the assessed val...
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