Label
CRA Niki Toledo, LP
Department of Economic Development
B. Sehlhorst (x1692)
Revised
Title
Approving a Community Reinvestment Area real property tax exemption for Niki Toledo, LP, to facilitate the redevelopment of the former Elder-Beerman site at 3311 Secor Road, 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:
Niki Toledo, LP ("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 62,934 square feet of new, high-quality commercial space on the former Elder-Beerman site in West Toledo. The redevelopment will include restaurants, retail establishments, and participant sports and recreation uses, representing a total estimated investment of $31,272,494 ("Project"). The Project is expected to create more than 64 permanent jobs with an estimated annual payroll of $3,056,279.
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 has been notified of the proposed one hundred percent (100%) real property tax exemption for a term of fifteen (15) years. The approval of this abatement is contingent upon the applicant, Niki Toledo, LP, entering into a Payment in Lieu of Taxes (PILOT) Agreement with the Washington Local School District to compensate the District for a portion of its forgone tax revenue. Ordinance authorizes a one hundred percent (100%) real property tax exemption for fifteen (15) years on the increase in asses...
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