Label
S REYNOLDS/TPFCU
Department of Economic Development
Sandy Spang (x1614)/Douglas Johnson (x1431)
Revised
Title
Authorizing the Mayor to enter into an amended real estate purchase agreement with the Toledo Police Federal Credit Union and to execute and deliver other needed instruments for the sale and conveyance of a 3.5-acre parcel of city owned real property located at 2340 S. Reynolds Rd.; 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 real property which is the site of the former Clarion Hotel 2340 S. Reynolds Road, (Parcel ID 07-70391). The City acquired the 5-acre 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. In 2019, the City sold 1.5 acres to the International Union of Operating Engineers for Seventy-Five Thousand Dollars ($75,000).
Ordinance 138-21 authorized the execution of a real estate purchase agreement for the sale of the remaining 3.5 acres of 2340 S. Reynolds Rd. to The Toledo Police Federal Credit for Two Hundred Eighty-Nine Thousand Dollars ($289,000) to construct a new office and retail banking center on the site.
In recent weeks, as the Toledo Police Federal Credit Union conducted pre-purchase inspection and evaluation of the site, a Compaction Study conducted to assess suitability of the site for the planned building foundations found insufficient ground support for the planned foundations. The study recommended replacement of existing fill materials with new, compacted structural fill. An initial estimate of costs to remediate this geotechnical concern came to $70,000. This Ordinance authorizes an amended real estate purchase agreement containin...
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