The Hotel Seagate on Jefferson Avenue and Summit Street in downtown Toledo.
Toledo City Council is poised to approve a study that will pave the way for downtown’s first tax increment financing district, something Lucas County Commissioners hope will allow tax revenues generated from their restoration of the former Hotel Seagate to stay in the area.
Council’s zoning and planning committee on Wednesday recommended the full council vote to adopt the Seagate Block Urban Renewal Plan at their June 19 council meeting. The study will look at the area bounded by Jefferson, Summit, Monroe, and Superior streets downtown, which includes the SeaGate Convention Centre, the Park Inn, the former Hotel Seagate, the Neighborhood Health Association building, and the Secor Building.
County Commissioners last year announced a collaboration with Key Hotel and Property Management LLC on a nearly $30 million investment to transform the former hotel into a new Hilton Garden Inn and Homewood Suites.
Should council approve the plan, “It allows us to then start the process of putting the TIF district together,” said Matthew Sutter, Lucas County’s deputy administrator.
He is hopeful the 15-month project could break ground by late September or October.
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