Label
DEBDTriadSale
Real Estate Division
B. Sehlhorst (x1692)
Revised
Title
Authorizing the Mayor to enter into a Real Estate Purchase Agreement with Midland Agency of Northwest Ohio, Inc. and to execute and deliver needed instruments for the sale and conveyance of 50.28 acres of city-owned real property at Triad Business Park, in Monclova Township, Lucas County, Ohio; making certain findings with respect thereto; waiving the competitive bidding and advertising provisions of TMC 187.19; authorizing the deposit of net sale proceeds into the Property Management Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The city of Toledo is the owner of certain real property located in Monclova Township known as Triad Business Park (Exhibit A). The city has received an offer from Midland Agency of Northwest Ohio, Inc. to purchase 50.28+ acres in Triad Business Park, part of Parcel #38-00934, #38-00694, and #38-0083, and wishes to sell the property, subject to final survey determination as shall be approval by the Director of Law. The subject real property is located within the Maumee-Monclova-Toledo Joint Economic Development Zone.
Midland Agency of Northwest Ohio, Inc. will acquire ownership on behalf of a Michigan-based company that is considering relocating its headquarters, fulfillment and manufacturing operations to Ohio. The company is a 60-year-old international company that has eight locations in the United States, three in Canada, three in Asia, and seven in Europe. The company primarily provides value added services for the Aerospace, Chemical Processing, Medical, Oil/Gas, Power Generation and Thermal Processing industries. The company has shortlisted the city's Triad Business Park site and another location in the State of Michigan. As such, the prospective company wishes to remain anonymous until a final location is selected.
The prospective company intends to invest approximately $28 MM to construct a 200,000-225,00...
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