Label
2% Funds for Fort Industry Square Project
Economic Development / Engineering Services
B. Sehlhorst (x1692) / C. Soncrant (x2851)
(Revised)
Title
Approving the use of the Water Distribution Infrastructure Development Fund (2% Fund) to pay the cost of installing a new waterline and hydrant within the City of Toledo rights-of-way for the rehabilitation of Fort Industry Square; authorizing the mayor to enter into the necessary contracts; appropriating and expending an amount not to exceed $105,000 from the unappropriated balance of the Water Distribution Infrastructure Development Fund (2% Fund);; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo has been working with FIS 1 LLC on the redevelopment of a collection of historic buildings commonly referred to as Fort Industry Square. The buildings are located on Summit Street between Monroe Street and Jefferson Avenue. The $60.5 million redevelopment project will convert the vacant buildings into 93 apartments and 65,000 square feet of commercial office and retail space. The project is expected to create 827 construction jobs and 432 permanent full-time equivalent jobs within three years of project completion.
As part of the Fort Industry Square project, a new water connection is proposed on Jefferson Avenue between Summit Street and Water Street. The existing 6-inch waterline that was installed in 1901 will be upgraded in size to a 12-inch. The new 210 linear foot waterline will increase the pressure and flow from Water Street to the new waterline in Summit Street. The new waterline and hydrant will be located in the public right-of-way and owned by the City of Toledo.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $105,000
- The expenditure budget line item: 6065-31000-4UI2317STDSTD
- New revenue generated (operational revenue, grants, if any): none
- Revenue budget line item (if any): none
- Are funds budgeted in the current fiscal year (yes...
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