Label
Enterprise Zone Former Elder-Beerman
Economic Development
B. Sehlhorst (x1692)
(Revised)
Title
Approving the proposal of Niki Toledo for the expansion of their retail establishment within the Toledo Enterprise Zone; making certain findings and determinations in connection therewith; approving and authorizing the execution of an agreement and other documents, which grant real property tax exemptions; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Niki Toledo I LLC; Niki Toledo II, LLC; Stanley Toledo, LLC c/o The Niki Group, LLC ("Niki") located at 3311 Secor Road, Toledo, will construct approximately 50,000 square feet of retail space in two buildings. Niki will invest an estimated total of $12,746,560, including $8,499,160 in real property. This expansion would have a beneficial impact on the health of the Toledo economy.
As a result of this project, Niki will create twenty-three (23) new full-time job positions and forty (40) new part-time job positions. Currently, there are zero (0) existing full-and-part-time jobs at the site. The Remediation Abatement (defined below) will commence for Niki at the earliest date permitted under applicable Ohio law following the effective date of this Ordinance. The Remediation Abatement shall continue to benefit the parcel and the Improvement Abatement (defined below) will commence once the project is complete.
Niki has submitted a written proposal, on the form prescribed by Chapter 5709 of the Ohio Revised Code (herein called the "Proposal"). The proposal will involve new investment in the minimum amount of $8,499,160 in real property.
The city of Toledo would grant a fifty percent (50%) tax exemption for fifteen (15) years of the assessed valuation of the Project real property prior to remediation (the "Remediation Exemption") and a one hundred percent (100%) tax exemption for fifteen (15) years on the increase in the assessed valuation of the Project real property after the remediatio...
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