Label
Enterprise Zone for Secor Senior Lofts II Project
Department of Economic Development
B. Sehlhorst (x1692) / C. Watkins (x1154)
Revised
Title
Approving an Enterprise Zone real property tax exemption for Secor Senior Lofts II, LLC for the construction of a 50-unit affordable senior independent living facility within the Toledo Enterprise Zone; making certain findings and determinations in connection therewith; approving and authorizing the execution of an agreement and other documents, which grant real property tax exemptions; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Secor Senior Lofts II, LLC ("Applicant") is proposing to construct a 50,000 square foot affordable senior independent-living facility on a 2.8-acre parcel located at 3839 (0) Secor Road ("Project"). The Project will provide an affordable housing option to seniors seeking to age in place in an area of the City that is currently underserved with senior housing. The $9,750,000 Project will create two (2) new part-time job positions. Currently, there are zero (0) existing full-and-part-time jobs at the site. This Project follows the recently completed 58-unit Secor Senior Lofts project that is located immediately adjacent to Secor Senior Loft II's proposed site.
The city of Toledo has reviewed the Applicant's application and has determined the enterprise zone real property tax exemption is necessary for the project to move forward. Therefore, the City is proposing to grant a one hundred percent (100%) real property tax exemption for fifteen (15) years on the increase in the assessed valuation of the Project after it is complete. The Applicant will enter into a Service Payment Agreement with the Washington Local School District ("District") in an amount equal to one hundred percent (100%) of what the District would have received if not for the real property tax exemption. The Enterprise Zone Agreement will only be executed by the City upon execution of the Service Payment Agreeme...
Click here for full text