Toledo mayor seeks deal to help firm renovate Dana headquarters
2/9/2009Toledo Mayor Carty Finkbeiner has introduced legislation to help Health Care REIT, a Toledo real estate investment trust, acquire and renovate the former Dana Holding Corp. headquarters and create about 40 jobs.
The legislation asks Toledo City Council to approve an economic development incentive package, including a Toledo Municipal Job Creation Tax Credit for seven years at 40 percent of the payroll income tax generated by the employees covered under the agreement; a Toledo Expansion Incentive, and a 12-year, 100 percent real estate tax abatement.
"I urge Toledo City Council to unanimously approve this incentive package for Health Care REIT," the mayor said. "In these economically challenging times, it must never be dismissed or taken lightly when a local company wishes to add or retain jobs."
Health Care REIT, which invests in health-care facilities, in August announced plans to buy the 160-acre campus of Dana.
With these incentives in place, Health Care REIT will move forward with plans to relocate its corporate headquarters to the former Dana campus, 4500 Dorr St., and expects to add 40 jobs over the next three years, with an estimated annual payroll of $3.2 million, Mr. Finkbeiner said.
Health Care REIT will retain its work force of 68 employees. The proposed renovation of the Dana building represents $10 million to $12 million in total capital investment.
The Ohio Controlling Board in Columbus gave Health Care REIT Inc. a $315,000 grant on Jan. 26 to help with the renovation of the Dorr Street office.