Label
AMENDMENT TO COLONY DEVELOPMENT AGREEMENT
Department of Economic Development
B Sehlhorst (x1692)
Revised
Title
Authorizing the Mayor to enter into an amended Development Agreement with Toledo Colony Apartments, LLC and Colony-Concord Hotel, LLC for the Colony Development Project for the purposes of amending the terms to eliminate the Developer's commitment to reimburse the City $700,000 for relocation of the public storm sewer, eliminate the obligation of the Developer to construct the Commercial Development component of the Project and require the Developer and/or its general contractor and/or contractor of whatever tier to enter into a Project Labor Agreement with the Northwest Ohio Building and Construction Trades Council; making certain findings with respect thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Colony Development Project involves the redevelopment of 10.8 acres in west Toledo into a $58 million mixed use development. The project consists of a 262-unit residential development, known as the Colony Lofts, that will include a club house, Old Bag of Nails restaurant and a space for a retail business. The Developer also planned to construct a 120-room Home2 Suites hotel by Hilton.
Ordinance 188-2020 authorized the Mayor to enter into a Development Agreement with Toledo Colony Apartments, LLC and Colony-Concord Hotel, LLC for the Colony Development Project. The purpose of the Development Agreement is to outline roles, responsibilities and financial commitments necessary to complete the project.
One of the biggest obstacles to developing the property is the existing location of a 48-inch public storm sewer that is currently located within and divides the site. In addition to the requirement to relocate the storm sewer, the City's Comprehensive Ditch Plan recommends upsizing the 48-inch pipe to a 72-inch. As such, the Parties agreed that the Developer would pay for the cost to relocate the storm sewer ($700,000) and the ...
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