Label
Imagination Station Roof Project
Economic Development
B. Sehlhorst (x1692)
(Revised)
Title
Authorizing the mayor to enter into an amendment to the existing lease, as amended, on the city-owned property known as Imagination Station, which amendment will provide that the City will pay for certain improvements to said property in a principal amount of $1,375,000 with the costs of the improvements to be financed by the City through the Port Authority under the Northwest Ohio Advanced Energy Improvement District with repayment by way of special assessment, and further requiring the Toledo Science Center to pay to the City all special assessment costs of financing the principal amount of $275,000 for roof related improvements; making findings and determinations related thereto; repealing Ordinance 38-20; authorizing the execution and recording as appropriate of necessary documents; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The city owns the property located at One Discovery Way (the "Property") and leases it to the Toledo Science Center, commonly referred to as Imagination Station.
In 2019, IST Theatre LLC and the Toledo Science Center began construction on the 300-seat large format digital KeyBank Discovery Theater project expansion of the Imagination Station facility. The project expands the existing city-owned building by approximately 8,200 square feet and includes retail, exhibit space, and other building improvements at a total estimated cost of more than $12,000,000. The project is currently under construction and expected to be complete in fall 2020.
Ordinance 206-19 authorized the city to pay a special assessment through the Northwest Ohio Advanced Energy Improvement District not to exceed $400,000 for energy efficiency improvements to be made to the overall Imagination Station property as a part of the KeyBank Discovery Theater project. Ord. 206-19 also authorized the execution of a Second Amendment to and Assignment ...
Click here for full text