Label:
Champion Lease to Crestline
Department of Business Development
B Burkett (x1692)
(Revised)
Title:
Authorizing the mayor to enter into a real property lease, by and between the city of Toledo and Crestline Paving and Excavating Co., Inc. ("Crestline") for approximately 8.78 acres located at 750 Montrose Toledo, Ohio 43607; waiving the competitive bidding requirement as required by T.M.C. Chapter 187; and declaring an emergency.
Body:
SUMMARY & BACKGROUND:
In 2017, the City of Toledo took ownership of the southern portion of the former Champion Spark Plug site and now wishes to lease it to Crestline Paving. The lease will be a complete 'pass-through or triple net' so that Crestline is responsible for real estate taxes and assessments, maintenance, operating expenses, casualty and liability insurance, and utilities (if and when established like water or telecommunication services) relating to the property. This legislation authorizes the mayor to lease these premises for an annual rent of $1 with an initial term of five (5) years and one five (5) year renewal option. Finally, no assignments or subleases are permitted without the prior written consent of City.
Summary:
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the mayor is authorized to execute a lease agreement between the city of Toledo and Crestline, for a term of five (5) years with one (1) five (5) year renewal option. Such agreement shall contain terms and conditions deemed proper and requisite according to the the real estate division of the Department of Neighborhoods and Business Development and the Director of Law.
SECTION 2. That the lease have an annual rent of $1, with all maintenance and operating expenses, casualty and liability insurance, and utilities (if and when established like water or telecommunication services) related to the Premises passed through and payable solely by Tenant.
SECTION 3. That the "Prem...
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