A public hearing on a proposed Joint Economic Development District is scheduled for April 7 at 7 p.m. at the Lake Township administration building, 27975 Cummings Rd.
The township and City of Toledo have completed a tentative agreement to form the JEDD at city-owned property at Metcalf Field in the township.
Under the 30-year agreement, the city and township will share income tax revenues from jobs created at the district, with the township receiving 60 percent of the revenues and the city receiving 40 percent. The income tax rate will be 2.25 percent.
Other provisions of the agreement state:
• If an existing business from Toledo relocates to the district, the city will retain all of the income tax until it recovers the amount of tax it received before the company relocated.
• The city will collect income taxes and receive a fee of 2 percent for the service.
• The city and township each agree to provide $15,000 to help meet initial costs.
• The JEDD territory is zoned M-1 (light industrial) and can’t be annexed during the term of the agreement.
Tom Hays, the township solicitor, said the township will continue to collect property taxes on the site.
The JEDD will be governed by a five-member board of directors with the city and township each appointing two members and the board appointing the fifth. The city has agreed to appoint someone from the Toledo Lucas County Port Authority, which leases the field from the city, as one of its members.
Existing businesses at or near the air field, including Crow Executive Air, have opted to not be included in the JEDD.
Copies of the JEDD contract and maps and other site documents are available for review by the public at the township fiscal officer’s office during business hours.
Ron Sims, a trustee, said as JEDD parcels are developed, property tax revenues to the township will increase from the resulting higher valuations.
The Lake Township trustees have approved a one-year extension to an agreement for purchasing natural gas through the Northwest Ohio Aggregation Coalition.
The coalition, a group of communities that banded together to purchase natural gas, negotiated a contract with Interstate Gas Supply to offer gas at a rate guaranteed to be lower than rates offered by Columbia Gas.
The township entered into an agreement with Interstate Gas in March, 2004 and has twice extended the expiration date. The most recent extension was scheduled to end March 31.
The new extension will be in effect until March, 2010 and then renew on a month-to-month basis after that, Mr. Hays said during Tuesday’s meeting of the trustees.