SYLVANIA, OH (Toledo News Now) - The city of Sylvania is considering a plan to renovate a building it owns in the downtown area that could bring a new business and jobs to the area.
The city is not saying what business is involved, or exactly how many jobs would be created at this time. It is saying that the company would bring about $1 million in annual payroll to the city.
The plan would require the city to spend $500,000 from its capital improvements fund to renovate an unimproved warehouse near the corner of Main Street and Maplewood Place in downtown Sylvania. The business would agree to a 10 year lease in the space.
"We're not repaying it with tax funds. We'll be repaying it with rent dollars. So it is more of an investment than expenditure of funds. There is always a risk, but because we're improving our own building if this particular company does not make it for the 10 years? We'll find another company. This will be a nice space in a really great place in Downtown Sylvania," said Sylvania Mayor Craig Stough.
The project is part of a larger plan the city has been working on to expand business in its downtown.
"It's exciting, it's a big allocation for Sylvania to put out $500,000 to fix up this facility, it's really not usable in the state it is so we're going to have a better facility and then bring in some good jobs to the city," said Bill Sanford, head of economic development for the city.
"It's just a certain point you need to get a certain number of people working downtown and we've been making headway for years, this is just the next step to bring more professional jobs, more tax dollars to our community. It's just a win all the way around," said Mayor Stough.
The name of the business planning to move in is expected to be announced at the Sylvania City Council meeting on December 17.