The city of Toledo and Troy Township in Wood County will form a joint economic development zone in a 460-acre tract near the Ohio Turnpike interchange at Stony Ridge, Mayor Carty Finkbeiner said Tuesday.
Under the agreement, Toledo will provide sewer and water service to the zone, and the city and the township will split a 2.25 percent income tax to be levied on new businesses. The township will get 60 percent and the city 40 percent.
The parcel, at State Rt. 420 and U.S. 20, is owned by Dominion East Ohio Gas Co. of Cleveland. The tax-sharing district has been approved by the Troy Township trustees, and the issue is to go before Toledo City Council Tuesday for a first reading, Mr. Finkbeiner said.
Robert Emans, a Troy Township trustee, said the agreement was requested by Dominion East Ohio Gas, which needs water and sewer service to market the property for development.