Label
ODOT Jobs and Commerce Grant for Campbell Street Reconstruction
Economic Development // Engineering Services
B. Sehlhorst (x1692) // C. Soncrant (x2851)
Title
Authorizing the Mayor to enter into and execute a Jobs and Commerce Economic Development Agreement with the State of Ohio Department of Transportation (ODOT) for the reconstruction of Campbell Street; authorizing the acceptance, deposit, appropriation and expenditure of grant proceeds into the Capital Improvement Fund in the amount of $150,000 for the reconstruction of Campbell Street; authorizing the Mayor to accept bids and award contracts related to the construction project; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
As part of the Department of Economic Development's efforts to attract Brenntag North America to Toledo, the State of Ohio Department of Transportation ("ODOT") have committed to assisting the City of Toledo with the reconstruction of Campbell Street by providing a $150,000 grant to offset the City's investment. Campbell Street will be reconstructed between Pulaski and Hoag Street to accommodate Brenntag's new project. The total cost of the reconstruction project is estimated at $921,802 and is currently scheduled to be performed in 2021. The City's portion of this reconstruction project is $341,802 and is in the Division of Engineering Services proposed 2021 Matches and Planning budget.
Brenntag North America is an international chemical distribution company headquartered in Germany. The company has selected a 227,000 square foot industrial facility on Campbell Street to be its second distribution facility in Ohio. The company will spend an estimated $15 million to redevelop the vacant industrial facility and will create 45 new jobs.
The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $150,000
- The expenditure budget line item: 540G-35000-8GA7680STDSTD
- New revenue generated (operational revenue, grants, if any): $150,000 grant
-...
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