Label
DEBD-CRAOlympicRealEstateGp(5355Southwyck)
Department of Development
B. Sehlhorst (x1692)
(Revised)
Title
Approving a Community Reinvestment Area real property tax exemption for Olympic Real Estate Group, LLC, 7551 Olympic Parkway, Sylvania, Ohio 43560, for the remodeling of a new accounting office facility, located at 5355 Southwyck Boulevard., Toledo, Ohio 43614, property in the Hawthorne Hills Community Reinvestment Area (HH); 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. 111-17, passed on April 18, 2017, Toledo City Council (the "Ordinance") created the "Hawthorn Hills (HH) Community Reinvestment Area" pursuant to Sections 3735.65 through 3735.70 of the Ohio Revised Code. This area was subsequently confirmed as Community Reinvestment Area No. 095-77000-170 by the Ohio Department of Development on May 18, 2017.
Olympic Real Estate Group, LLC (the "Owner") has submitted an application and agreement for a CRA real property tax exemption as prescribed by Ohio Revised Code Sections 3735.67 and 3725.671. The exemption is requested for the remodeling of an approximately 19,904 square foot existing commercial building for the establishment of an accounting office. The estimated investment cost is $519,582.00 (the "Project").
Pursuant to Ordinance No. 393-17, the City sold this property to Olympic Real Estate Groups, LLC in 2018. The City acquired the property in 2015 from the Lucas County Land Reutilization Corporation and had been marketing it for redevelopment for several years. As part of the agreement to sell the property, the City agreed to Community Reinvestment Area real property tax exemption for the project.
Olympic Real Estate Group LLC redeveloped the building as its commercial office space for its sister company Rahe & Company CPA's LLC dba Financial Express and...
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