Label
Amend Maumee-Toledo JEDZ/20A at I-475 Interchange Funding
Department of Law
Paul F. Syring (x1025)
Revised
Title
Authorizing the Mayor to enter into an amended Joint Economic Development Zone Contract between the City of Toledo, City of Maumee, and the Board of Trustees of Monclova Township for the purpose of extending the term of the contract 20 years with 10 year options to renew thereafter; authorizing the Board of Directors of the Toledo-Maumee-Monclova Township JEDZ Board to expend an annual amount not to exceed $128,000 for a period not to exceed 18 years from the City's distributable share of JEDZ tax proceeds for the City of Toledo's local match contribution to the US 20A-I-475 interchange project; authorizing the Mayor to execute and deliver needed instruments for the City's participation in funding the project; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Ohio Department of Transportation and the Toledo Metropolitan Area Council of Governments have identified an 8.5 mile stretch of interstate I-475 as the focus of efforts to increase motorist safety, ease of commuting, economic development, and access to current and future businesses. To maximize the positive impact, an interchange at US 20A and I-475 is recommended. The lack of existing interchanges in this vicinity contributes to mainline traffic congestion, increased traffic crashes, and difficulty of access to existing businesses. Local municipalities will benefit significantly by this interchange through economic development that will create jobs and grow income tax, specifically in the immediately adjacent Toledo-Maumee-Monclova Township JEDZ. Local transportation experts recommend, for optimal impact, the interstate widening project and the interchange project should be constructed in the same timeframe. There exists a funding shortage to pay for the cost of both the widening and interchange projects. Considering local stakeholder, businesses and municipalities benefit f...
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