TOLEDO, Ohio, Oct. 8, 2010 – The Toledo-Lucas County Port Authority officially acquired the historic Jeep Parkway property on Fri., Oct. 3, 2010 for a purchase price of $95,000. The 111 acre site located at 1000 Jeep Parkway will undergo an environmental remediation process over the next 18 to 24 months and redeveloped thereafter.
At its August 2010 Board meeting, the Toledo-Lucas County Port Authority Board of Directors authorized President and CEO Paul Toth to enter into an agreement to acquire the property the owner, OldCar Co. Liquidating Trust. The Port Authority is set to receive a $1.3 million Housing and Urban Development - Economic Development Initiative grant to cover some of the expenses associated with this purchase. The Port Authority will also pursue several other grant opportunities to provide funding for the remediation and infrastructure development of the property.
Consistent with its mission in the economic development delivery system, the Port Authority had been attempting to acquire the property for several years based on its proximity to I75 and the vast amount of land available for development. The property is served by Class I rail, offers easy access to the interstate system, and is seen by as many as 125,000 passing motorists each day, providing it to be attractive to many potential end users.
“Toledo has a rich manufacturing history and this site is a prime location for industrial and commercial development. This project benefits from the support of several key officials both locally and nationally. We are very much appreciative of this support – without it, this acquisition would not have come to fruition,” says Paul Toth, President and CEO of the Toledo-Lucas County Port Authority.
Nationally, the project was supported by the Treasury Department and the Department of Justice. The Environmental Protection Agency supported this project both on the national and state level. Within Ohio, the project benefitted significantly from the efforts of the Department of Development, the University of Toledo, the Board of Lucas County Commissioners and the City of Toledo. U.S. Senator George Voinovich and Congresswoman Marcy Kaptur paid particular attention to ensuring the success of this acquisition.
“The Jeep Parkway acquisition was not a typical real estate transaction. This acquisition required many different resources and skill sets from the diverse team assembled for this purchase. Specifically, we must recognize the efforts of Joel Mazur from the City of Toledo Environment Services Department for his diligence and his assistance in identifying the appropriate EPA assessment grants,” says Matthew Sapara, Toledo-Lucas County Port Authority Director of Operations and Property Development.
The Port Authority will be applying for a Clean Ohio Revitalization (CORF) Grant to complete the funding needed for the remediation of the property. The CORF grant awards are announced in the spring of 2011. In the meantime, specific conceptual development plans will be drafted.
The Jeep Parkway property is one of the oldest manufacturing sites in the nation and has been home to a host of manufacturing entities. This site was home to manufacturing that produced much of the equipment that helped the U.S. win World War II including the famous Jeep.
It is the mission of the Toledo-Lucas County Port Authority to continuously leverage our strategic geographic position, resources and economic development proficiency to provide increased business opportunities—built upon and around our innovative transportation and logistics expertise—while promoting our community and region within the global marketplace. We will accomplish this through unmatched speed and efficiency of service, collaborative and strategic partnerships, community stewardship and the continued generation and execution of new ideas and innovations.
###