File #: O-626-22    Version: 1 Name:
Type: Ordinance Status: Approved
File created: 11/8/2022 In control: Economic Development Department
On agenda: 12/6/2022 Final action: 12/6/2022
Title: Authorizing the Mayor to terminate a Community Reinvestment Area real property tax exemption with Holland Hospitality LLC for property located at 5685 Benore Rd., Toledo, OH 43612 (Parcel ID 22-75657); making certain findings and determinations in connection therewith; and declaring an emergency.
Attachments: 1. TIRC
Label
Termination of Community Reinvestment Area Incentive for 5685 Benore Rd.
Department of Economic Development
Brandon Sehlhorst (x1692) / Carmen Watkins (x1154)

Title
Authorizing the Mayor to terminate a Community Reinvestment Area real property tax exemption with Holland Hospitality LLC for property located at 5685 Benore Rd., Toledo, OH 43612 (Parcel ID 22-75657); making certain findings and determinations in connection therewith; and declaring an emergency.

Body
SUMMARY & BACKGROUND:
On October 8, 2008, the City entered into a Community Reinvestment Area ("CRA") Agreement with Holland Hospitality LLC ("Owner") for purposes of providing a real property tax exemption for the development of 5685 Benore Rd., Toledo, OH 43612. The property is located in the Northwest Toledo CRA established pursuant to Ord. 564-91 as amended by ordinances 523-98 and 80-05. The Owner committed to invest $4,250,000 to construct a 55,000 square foot hotel. The Agreement provides for 100 percent of the assessed new building improvement valuation of real property to be exempted from valuation for a period of fifteen years. The agreement is binding on the Owner and its successors.

As a condition of the CRA Agreement, the Owner entered into a School District Payment Agreement with the Washington Local School District. The School District Payment Agreement requires the Owner to make 15 annual payments to the Washington Local School District in exchange for the real property tax exemption.

The Ohio Revised Code requires all real property tax exemptions granted by a municipality be reviewed annually by a Tax Incentive Review Council ("TIRC"). On September 29, 2022, the City's annual TIRC meeting was held to evaluate and review compliance for all active community reinvestment area, enterprise zone and tax increment financing incentives granted the City of Toledo. Minutes for the TIRC meeting are provided in Exhibit A.

The TIRC unanimously voted to recommend termination of the ...

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