TOLEDO, Ohio — City leaders have launched the Toledo Community Improvement Corporation (TCIC), a new entity designed to prepare sites for job creation and housing development.
The TCIC will be backed by a dedicated funding stream for the next 35 years – starting with $5 million and receiving about $1 million annually – creating what Mayor Wade Kapszukiewicz called a potential $40 million economic opportunity. That funding, secured through a revenue-sharing agreement with Rossford, will allow the organization to plan and invest strategically in redeveloping underused or environmentally challenged sites.
Kapszukiewicz compared the TCIC to the county’s existing economic development corporation, saying Toledo had never had a similar, nimble tool to respond quickly to development needs. He cited past projects like the transformation of the NorthTowne Square Mall, Southwyck Mall and former industrial sites near Jeep as examples of the kind of work the TCIC could accelerate…