Label
Enterprise Zone for Secor Senior Lofts Project
Department of Economic Development
B. Sehlhorst (x1692)
Title
Approving an Enterprise Zone real property tax exemption for Secor Senior Lofts, LLC for the construction of a 58-unit affordable senior independent living facility within the Toledo Enterprise Zone; making certain findings and determinations in connection therewith; approving and authorizing the execution of an agreement and other documents, which grant real property tax exemptions; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Secor Senior Lofts, LLC ("Applicant") is proposing to construct a 55,767 square foot affordable senior independent-living facility on a 2.6-acre parcel located at 3839 Secor Road ("Project"). The 58-unit facility will provide 40 one-bedroom and 18 two-bedroom units that will cater to the senior population. The Project will provide an affordable housing option to seniors seeking to age in place in an area of the City that is currently underserved with senior housing. All 58-units will be affordable to a minimum of 70% Area Median Gross Income ("AMGI"). The $13,000,000 Project is estimated to create two (2) new part-time job positions. Currently, there are zero (0) existing full-and-part-time jobs at the site.
The city of Toledo has reviewed the Applicant's application and proforma and has determined the enterprise zone real property tax exemption is necessary for the project to move forward. Therefore, the City is proposing to grant a one hundred percent (100%) real property tax exemption for fifteen (15) years on the increase in the assessed valuation of the Project after it is complete. The Applicant will enter into a Service Payment Agreement with the Washington Local School District ("District") in an amount equal to one hundred percent (100%) of what the District would have received if not for the real property tax exemption. The Enterprise Zone Agreement will only be executed by the City upon execution of...
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