Label
CRA Toledo Place Apt 1302 Linden Ln
Department of Housing and Community Development
Rosalyn Clemens (x 3647) / Carmen Watkins (x 1154)
Title
Approving a Community Reinvestment Area real property tax exemption for Toledo Place Apartments, LLC, for the construction of a new multi-unit residential facility, located at 1302 Linden Lane., Toledo, Ohio 43615, property in the Reynolds Corners Community Reinvestment Area; authorizing the execution of an agreement and other documents related thereto; making certain findings and determinations in connection therewith; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance No. 69-05, passed on February 8, 2005, Toledo City Council (the "Ordinance") created the "Reynolds Corners Community Reinvestment Area" pursuant to Sections 3735.65 through 3735.70 of the Ohio Revised Code. This area was subsequently confirmed as Community Reinvestment Area No. 095-4265-02 by the Ohio Department of Development on April 27, 2005.
Toledo Place Apartments, LLC, (the "Owner"), submitted an application and agreement for a CRA real property tax exemption. The exemption is requested for the construction of a new residential apartment building, located at 1302 Linden Lane, Toledo, Ohio 43615. This site is approximately 4.632 acres of land. The Owner proposes to construct this 61,956 sq ft facility at an estimated investment cost of $7,348,744. Owner intends to employ two (2) part-time employees.
This proposed project is in conformance with Toledo's Reynolds Corner Community Reinvestment Area requirements as established by the above referenced ordinances. The Toledo Public School District was notified and has approved the granting of a fifteen (15) year tax exemption, and has entered into a School District Payment Agreement with Toledo Place Apartments, LLC for an annual payment in lieu of taxes. This Ordinance is required to authorize a 100% real property tax exemption for fifteen (15) years for taxes that wo...
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