Label
CRA - Colony-Concord Hotel LLC
Department of Development
B. Sehlhorst (x1692)
(Revised)
Title
Approving a Community Reinvestment Area real property tax exemption for Colony-Concord Hotel, LLC for the construction of a new hotel at 2022, 2036, 2038, 2040, 2044 and 2046 W. Central Avenue and 0 Kelly Avenue; 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.
Colony-Concord Hotel, 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 hotel to include approximately 120 hotel rooms and anticipated to operate as a Home2Suites by Hilton. The estimated investment cost is $20,000,000 (the "Project").
This Project is in conformance with Toledo's West Toledo 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 applicant has agreed to Toledo Public School District Board has approved the terms of the CRA Agreement and has entered into a school compensation agreement with the applicant. This Ordinance is required to authorize a one hundred percent (100%) real property tax exemption for fifteen (15) years for taxes that would otherwise be generated due to the increase in the assessed v...
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