Label
DNBDCapitalCommonsSale
Real Estate Division
B. Burkett (x1692)
Revised
Title
Authorizing the mayor to enter into a Real Estate Purchase Agreement with Estes Express Lines ("Estes") and to execute and deliver needed instruments for the sale and conveyance of approximately 47.9 acres of city-owned real property at Capital Commons, in Toledo, Lucas County, Ohio; making certain findings with respect thereto; waiving the competitive bidding and advertising provisions of TMC 187.19; authorizing the acceptance and deposit of the net sale proceeds in the Capital Improvement Fund; authorizing the appropriation and expenditure of $50,000 from the Capital Improvement Fund for roadway improvements;; authorizing the mayor to enter into a separate agreement with and to accept additional financial assistance from the State of Ohio, Department of Transportation (ODOT), in an amount not to exceed $75,000 for improvement to Capital Commons Drive; authorizing deposit, appropriation, and expenditure of the grant proceeds in the Capital Improvements Fund; authorizing the mayor to accept bids and award contracts for said project; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo is the owner of certain real property located in South Toledo known as Capital Commons located at 5600 Angola Road as shown in Exhibit A ("Real Property"). An offer from Estes to purchase approximately 47.9+ acre Capital Commons property for $424,760 or $8,500 per acre has been presented and should be accepted.
Estes is a logistics and distribution company currently located in a 50,000 square foot terminal facility at 5330 Angola Road Toledo, Ohio 43615. As a result of Real Property sale, Estes has promised to expand its operations onto the property, retain 193 jobs, and create 15 new jobs.
As part of the sale of this property and the expansion of the company's operations, improvements will be made to Capital Commons Drive. The State of Ohio through its ...
Click here for full text