WTOL.com, Toledo's News Leader, News 11 | 2 NW Ohio communities unite to build local economy
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By Rob Wiercinski email
TOLEDO (WTOL) - Two northwest Ohio communities are coming together with the goal of providing a boost to the local economy. A joint economic development district agreement has been reached creating a 423-acre tax-sharing area surrounding Metcalf Field.
It's land owned by the City of Toledo, managed by the Port Authority, located in Lake Township -- and officials are confident it's land ripe for job growth.
"We have rail, we have air and close proximity to the Turnpike and I-280. We believe it's a viable area for development," said Melanie Bowen, Lake Township trustee. "Businesses and their employees will pay 40 percent of payroll taxes to the City of Toledo and 60 percent to Lake Township."
The goal is unlocking the potential for new businesses to sprout up.
"Without the JEDD in place, the Port Authority would not be able to develop the property to its fullest potential as an intermodal site," said Andy Ferrara, Toledo Neighborhoods administrator.
The City of Toledo has similar tax-sharing agreements with surrounding communities, including Maumee, Monclova and Sylvania. Mayor Finkbeiner says regional teamwork is needed, especially during tough economic times.
"They are really, truthfully necessary tools for survival. We can no longer afford to think only of towns and cities we live in," said Mayor Carty Finkbeiner.
These agreements protect the bottom line for the City of Toledo. If a business relocates nearby, tax-sharing deals generate $210,000.
The city's also working on agreements with Troy Township, Rossford, as well as Swanton and Monclova.
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