Label
DED-CRA-ToledoPoliceFedCreditUnion
Development/ Real Estate
S. Spang (x1614) / C. Watkins (x1154)
Title
Approving a Community Reinvestment Area real property tax exemption for Toledo Police Federal Credit Union, 4280 Heatherdowns Boulevard, Toledo, OH 43614, for the construction of a new credit union facility located at 2340 S. Reynolds Road, Toledo, Ohio 43614, property in the Hawthorne Hills Community Reinvestment Area; 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. 111-17, enacted on April 18, 2017, designated the "Hawthorne Hills Community Reinvestment Area", pursuant to Sections 3735.67 through 3725.671 of the Ohio Revised Code, and declared that these tax exemption incentives promote and expand conforming use in the designated area. This area was subsequently certified by the Ohio Department of Development as Community Reinvestment Area ("CRA") effective May 18, 2017.
Toledo Police Federal Credit Union (the "Owner") has submitted an application and agreement for a CRA real property tax exemption. The exemption is requested for the construction of a new credit union facility located at 2340 S. Reynolds Road, Toledo, Ohio 43614. This site is approximately 3.4848 acres of land. The Owner proposes to construct this 4,000 sq ft facility at an estimated investment cost of $1,250,000.
This proposed project is in conformance with Toledo's Hawthorne Hills Community Reinvestment Area requirements as established by the above referenced ordinances. The Toledo Public School District was notified and has approved the granting of a fifteen (15) year tax exemption, and has entered into a School District Payment Agreement with Toledo Police Federal Credit Union for an annual payment in lieu of taxes. This Ordinance is required to authorize a 100% real property tax exemption fo...
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