The Press Newspaper
A hearing is scheduled for July 8 at 6:30 p.m. to receive public comment on a proposed Joint Economic Development District in Troy Township.
Township trustees have tentatively approved partnering with the City of Toledo to form a JEDD that will cover about 460 acres near State Route 420 and U.S. 20.
The hearing will be held at the township hall at 311 Krotzer Ave., Luckey.
Under the agreement, Toledo will provide water and sewer service to the site and share income tax revenues with the township from business that locate in the JEDD. The township will provide road maintenance and fire protection service.
The city’s income tax rate of 2.25 percent will be levied on employees of businesses in the JEDD, with the city to receive 40 percent of revenues and the township to receive 60 percent.
Toledo Mayor Carleton Finkbeiner noted the site is “adjacent to major highways, rail lines, and railroad yards.”
The agreement also includes a “make whole” provision, which gives Toledo all of the income tax revenue collected from any business that relocates from Toledo to the JEDD.
Finkbeiner said the JEDD will be marketed by the Wood County Economic Development Commission, adding that the Regional Growth Partnership may also be “interested in marketing the site.”
City officials said Troy Township trustees approved a resolution allowing the township to enter into an agreement with Toledo several weeks ago. Township trustees didn’t attend Tuesday’s press conference, Finkbeiner said, because of a scheduling miscommunication.
Toledo City Council also has yet to approve the agreement.
“Troy Township is a very unique site because of its geographic positioning and its size, and we are pleased,” said Dave Amstutz, Toledo development manager.
The agreement documents will be available for review by the public at the Tory Township hall until July 8.
The Northwestern Water and Sewer District will extend water and sewer lines to the site, said Jerry Greiner, district director.
He said the lines will also be able to serve another 540 or so acres to the south of the JEDD. The JEDD site and southern acreage are owned by Dominion East Ohio.
Financing for the lines, which are estimated to cost about $7 million, is already in place, Greiner said. The district is earmarking $2.35 million and has secured a grant of about $2.35 million from the Ohio Department of Development and Dominion East has also earmarked $2.35 million.
“This agreement marks another important step in our long-term efforts towards regional cooperation,” Mayor Finkbeiner said. “We currently have JEDD/JEDZ agreements in place with Lake Township, Maumee-Monclova, Rossford, Swanton-Monclova, Oregon, Perrysburg and Sylvania.”
“This regional approach to encouraging growth is essential if all parties are to profit,” Finkbeiner continued. “We are making an effort to facilitate this growth by using our resources and expertise to keep and attract new businesses wherever they wish to locate in our region. Toledo’s low-cost water is an asset that is becoming an ever more important factor in corporate expansion plans.
“With these water and income tax sharing agreements in place, our region is now armed with a potent formula to develop permanent, wide-reaching economic growth. We are no longer restrained by our respective city limits and can now focus on the important issues at hand — creating jobs and fostering development in Northwest Ohio.”
Kerry Bruce, Toledo public utilities commissioner, said the water agreement reached with Troy Township is the same offer Toledo had made to the City of Rossford — the inside block rate plus 115 percent. Rossford is currently on an open non-contract rate until the two cities reach an agreement, he added.
No results found.