Label
Amended
Critical Assessments for Spitzer and Nicholas Buildings
Department of Economic Development
B. Sehlhorst (x1692)
(Revised)
Title
Authorizing the reappropriation of funds within Economic Development's General Fund budget; authorizing the expenditure of an amount not to exceed $100,000 from the General Fund for critical assessments necessary for the redevelopment of the Spitzer and Nicholas buildings; authorizing the mayor to enter into a project agreement for said purpose; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Lucas County Land Bank recently acquired the Spitzer and Nicholas buildings and has been working with the City, ConnecToledo and Toledo-Lucas County Port Authority to stabilize the structures and return them back to productive use. Redevelopment of these buildings requires critical assessments to identify their structural integrity, overall condition, marketability and feasibility for converting into new uses. The City wishes to use $100,000 from savings in the Department of Economic Development's 2020 budget to assist its partners with these assessments. Letters of support from the partners for this funding can be found in the exhibits attached hereto and incorporated herein.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $100,000
- The expenditure budget line item: 1001-16400-537410-5000436STDSTD
- New revenue generated (operational revenue, grants, if any): N/A
- Revenue budget line item (if any): N/A
- Are funds budgeted in the current fiscal year (yes/no)?: No
- 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
S...
Click here for full text