Label
JobsOhio OSIP Grant for North Towne Roadway Project
Department of Economic Development
B. Sehlhorst (x1692)
Revised
Title
Authorizing the Mayor to enter into a Grant Agreement with JobsOhio for the North Towne Roadway Project; authorizing the acceptance, deposit, appropriation and expenditure of grant proceeds into the Capital Improvement Fund in the amount of $1,500,000 for the reconstruction of public roadways around the Toledo Trade Center Industrial Park; and declaring an emergency.
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SUMMARY & BACKGROUND:
As part of the Toledo Trade Center Industrial Park redevelopment project by NorthPoint Development, the former North Towne Square Mall property will undergo a $100 million transformation. In conjunction with this redevelopment, the City plans to reconstruct the public roadways surrounding the site, as shown in Exhibit A. The estimated cost for this reconstruction project is $4,296,522.
To mitigate the City's investment, the Department of Economic Development has applied for a grant through JobsOhio's Ohio Site Inventory Program (OSIP). The OSIP program aims to enhance Ohio's real estate inventory by targeting real estate projects that align with near-term sector opportunities, ensuring the state remains competitive for reactive site selection projects. Through the OSIP, grants and low-interest loans are offered to support speculative site and building development projects that have no identified end user.
JobsOhio has awarded the City a grant of $1,500,000 for the roadwork project. This grant will contribute to the redevelopment of the former City-owned property, transforming it into Toledo's next premier industrial park, featuring three speculative buildings. JobsOhio's investment covers 35% of the total estimated project cost. To secure the grant, Toledo City Council passed Ordinance 95 on March 7, 2023, authorizing the City's commitment to provide the required match and funding of $2,796,522 for the roadway project.
Summary
NOW, THEREF...
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