Label
DNBD-CRA-PhoenixToledoInd.Invest.LLC
Development/Real Estate
B. Sehlhorst ext. 1692 /cw
Title
Approving a Community Reinvestment Area real property tax exemption for Phoenix Toledo Industrial Investors, LLC, 401 E. Kilbourn Avenue, Suite 2017, Milwaukee, WI 53202, for the remodeling of an existing structure located at 1411 Campbell Street, Toledo, Ohio 43607, property in the Southwest Community Reinvestment Area; authorizing the execution of an agreement and other documents related thereto; making certain findings and determinations in connection therewith; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance No. 787-95 enacted on December 20, 1995 as amended by Ord. No. 57-96 enacted on February 7, 1996, designated the "Southwest Community Reinvestment Area", pursuant to Sections 3735.67 through 3725.671 of the Ohio Revised Code, and declared that these tax exemption incentives promote and expand conforming use in the designated area. This area was subsequently certified by the Ohio Department of Development as Community Reinvestment Area ("CRA") effective February 15, 1996.
Phoenix Toledo Industrial Investors, LLC (the "Owner") have submitted application and agreement for a CRA real property tax exemption. The exemption is requested for the remodeling of an existing building located at 1411 Campbell Street, Toledo, Ohio 43607, for the purpose of producing a broad spectrum of products including a facility for mixing chemicals. This facility sits on approximately 7.8719 acres of land. The Owner proposes to remodel this 372,000 sq ft facility at an estimated investment cost of $2,881,720.
This proposed project is in conformance with Toledo's Southwest Community Reinvestment Area requirements as established by the above referenced ordinances. The Toledo Public School District was notified and has approved the granting of a twelve (12) year tax exemption, and has entered into a School District Payment Agreement with Phoeni...
Click here for full text