Label
ODOT Jobs and Commerce Grant for Greenbelt Extension Project
Economic Development
B. Sehlhorst (x1692)
Title
Authorizing the Mayor to enter into and execute a Jobs and Commerce Economic Development Program Grant Agreement with the State of Ohio Department of Transportation for the extension of the Greenbelt Parkway; authorizing the acceptance, deposit, appropriation and expenditure of grant proceeds into the Capital Improvement Fund in the amount of $245,000 for the extension of the Greenbelt Parkway; 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 support the expansion of Universal Metals, the State of Ohio Department of Transportation ("ODOT") has committed to assist the City of Toledo with the extension of the Greenbelt Parkway and resurfacing of Galena Street by providing a $245,000 grant to offset the City's investment. The Greenbelt Parkway will be extended 330 feet to provide a new primary entrance for Universal Metals. The extension of the Greenbelt Parkway is necessary to support Universal Metals' $10 million expansion project that will create 60 fulltime equivalent jobs. In addition to the extension of the Greenbelt Parkway, Galena Street will be resurfaced. The total cost of the reconstruction project is estimated to be $1,737,500 and is currently scheduled for 2023. The City has also been awarded a $500,000 grant from the Ohio Department of Development's 629 Program to offset the City's investment in the project. Therefore, the City's portion of the reconstruction project is $992,500 and the Department of Transportation will be including this amount in its proposed 2023 Matches and Planning budget.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into and execute a Jobs and Commerce Economic ...
Click here for full text