Label
DNBD 2340 S REYNOLDS/TPFCU
Development/Real Estate
D A Johnson (x1431)
S Spang (x)
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 Toledo Police Federal Credit Union; 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 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 1.5 acres was sold to the International Union of Operating Engineers for Seventy-Five Thousand Dollars ($75,000). The Toledo Police Federal Credit Union has offered to buy the remaining 3.5 acres for Two Hundred Eighty-Nine Thousand Dollars ($289,000). The Buyer will construct a new office and retail banking center on the site.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $0
- The expenditure budget line item: n/a
- New revenue generated (operational revenue, grants, if any): $289,000
- Revenue budget line item (if any): None
- Are funds budgeted in the current fiscal year (yes/no)?: n/a
- Is this a capital project (yes/no)? No
- If yes, is it new or existing (new/existing)? n/a
- What section of the City's Strategic Plan does this support:
o Excellence in Basic Services (yes/no) No
o Quality Community Investment (Livable City, Development) (Yes/No) Yes
o Workplace Culture & Customer Service (yes/no) no
o Environment (yes/no) no
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Ma...
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