Label
CRA - Toledo Colony Apartments, LLC
Department of Economic Development
B. Sehlhorst (x1692)
(Revised)
Title
Approving a Community Reinvestment Area real property tax exemption for Toledo Colony Apartments, LLC for the construction of a mixed multi-family residential and commercial development at 1901 and 2061 W. Central Avenue, 2918-2951 Jermain Drive (14 lots), 2820-2835 Rathbun Drive (3 lots), and 3860 Monroe Street; 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. 63-19, passed on February 5, 2019, Toledo City Council (the "Ordinance") created the "West Toledo 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. 095-04265-03 by the Ohio Development Services Agency on April 12, 2019.
Toledo Colony Apartment, 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 construction of a new mixed-use development consisting of multi-unit residential with 262 apartments in multiple buildings with commercial space for a community center, restaurant and retail space. The development will construct approximately 120,000 square feet of new building. The estimated investment cost is $30,000,000 (the "Project").
This Project is in conformance with Toledo's West Toledo Community Reinvestment Area requirements as established by the above referenced ordinance. The Toledo Public School District has been notified pursuant to Ohio Revised Code Section 5709.83 of the granting of a one hundred percent (100%) fifteen (15) year tax exemption. The Toledo Public School District Board has approved the terms of the CRA Agreement and has entered in...
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