Maumee’s “biggest development” in 40 or 50 years will generate new tax revenue for the school district and create “a very substantial amount” of jobs for the area, The Toledo Blade reports. An “open field” will be transformed into a mixed-used economic development that “will likely include a hotel, restaurants, retail shops, independent living, and a 90,000-square foot medical office,” according to the article. The city, developer Joe Swolsky, and the school district collaborated on the agreement, part of which “states a tax incremental finance district will be formed, and the schools will receive 10 percent of all new taxes for 20 years.” That money “will be used to upgrade facilities the public uses,” such as athletic facilities, playgrounds and the performing arts center. Taxes generated from the project will help the city offset losses from the closing of The Andersons retail store earlier this year. For more, read the full article.
