Label
Sale of North Towne
Department of Economic Development
B. Sehlhorst (x1692)
Title
Authorizing the Mayor to enter into a Purchase and Sale Contract with NorthPoint Development, LLC, to execute and deliver needed instruments for the sale and conveyance of 60 acres of city-owned real property known as the former North Towne Square Mall property, in the City of Toledo, Lucas County, Ohio; making certain findings with respect thereto; waiving the competitive bidding and advertising provisions of TMC 187.19; authorizing the deposit of net sale proceeds into the Capital Improvement Fund and the appropriation of same; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo is the fee simple owner of certain real property referred to as the former North Towne Square Mall property located at 301 New Towne Square Dr., (Parcel IDs 22-43581, 22-43594) Toledo, Ohio and further identified in Exhibit A ("Real Property").
The North Towne Square Mall opened in 1980 and closed in 2005. Between 2005 and 2011 the former mall structure fell in to an extreme state of disrepair. The City negotiated an agreement with the owners that addressed blighted and hazardous conditions and secured its investment by taking title to the mall site. Pursuant to Ordinance 537-11, the City entered into a Development Agreement and Real Estate Purchase Option Agreement with the owners of the site. The City acquired the Property and remediated and demolished the structure using brownfield remediation funding from the U.S. EPA and Racetrack Redevelopment Funding from the Ohio Development Services Agency. In exchange and in consideration for the transfer of title for a nominal amount, the mall owners were granted in return an option to re-purchase the property at appraised value less the documented costs related to demolition and holding expenses.
Since 2011, the Property has remained vacant without real potential of redevelopment primarily because of cross-access ease...
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