Buyer in the wings for Monclova Township site resembles Temperance firm
The city of Toledo is close to a deal to sell 50 acres in Monclova Township to a mystery company from Michigan that would use the land for a corporate headquarters, manufacturing facility, and distribution warehouse.
The company would be relocating 150 employees and could add another 50 within two years of completing the facility in the Triad Business Park. It would spend $28 million to build the facility and have an annual payroll of $11 million.
Brandon Sehlhorst, Toledo’s economic and business development commissioner, plans to present the planned sale agreement for the land to City Council when it meets Tuesday. The sale price is $1.05 million, or about $21,000 per acre, and the property is within the Maumee-Monclova-Toledo Joint Economic Development Zone, so the city will benefit from jobs at the site.
Council is scheduled to vote on the sale Aug. 20 after reviewing the proposal Tuesday.
Midland Agency of Northwest Ohio would be the land’s listed purchaser, but descriptions of the unnamed Michigan company in the purchase agreement point clearly to Rolled Alloys Inc., headquartered in Temperance.
Both the unnamed company and Rolled Alloys have eight locations in the United States, three in Canada, three in Asia, and seven in Europe. Also, both provide value-added services for the aerospace, chemical processing, medical, oil and gas, power generation, and thermal processing industries.
The mystery company has been in business 60 years; Rolled Alloys was founded in 1953.
An official with Rolled Alloys had no comment on whether it was the unnamed business seeking the site off Monclova Road and said many companies produce metal alloy products.
Mr. Sehlhorst said that Toledo is not the mystery company’s final choice. The business also is considering a site in Michigan on which to build a facility of 200,000 to 225,000 square feet, with the possibility of a 50,000 square-foot expansion.
But the mystery company has executed a purchase agreement with the city, Mr. Sehlhorst said, which is a bigger step beyond a purchase option, which has a limited timetable.
“There are conditions that the company could choose in order to terminate the contract. But we feel pretty good that having an executed purchase agreement with them will move this forward,” he said.
“It makes me feel a lot more confident, which is why we’re taking this to council for approval in a week,” he added.
If the Michigan company opts to purchase the site, that will leave the Triad Business Park with just six acres remaining, enough for a small-business user.
“There’s other properties on Monclova Road that could be developed, but this purchase would mean the city’s portfolio out there would be nearly complete,” Mr. Sehlhorst said. “We would have accomplished our goals for the site: to produce income tax for the [joint economic development zone] for the city.”
Posted By: The Blade on August 12, 2019. For more information, please click here to read the source article.
To receive the In The Know from Signature Associates, please click here to be added to our mailing list.
« Back to Insights