Maumee city council voted 5-0 Monday night to approve a development agreement to create a new intersection between Ford Street and Monclova Road on the Anthony Wayne Trail.
The agreement states Ford & AWT LLC will pay for all costs to improve the intersection, which will redirect traffic away from residential areas. The deal also requires the city to surrender one access point along the Trail.
The intersection will serve as the entrance to a major mixed-use development announced in October. Mayor Richard Carr said the project “will be the biggest development we’ve had in this area in probably 40 or 50 years.”
The project will likely include a hotel, restaurants, retail shops, independent living, and a 90,000-square-foot medical office. Construction will start in the spring.
Developer Joe Swolsky, the city, and the Maumee school district worked together for a year-and-a-half on the deal.
The agreement states a tax increment financing district will be created, and the schools will receive 10 percent of all new taxes for 20 years. Those funds will be used to improve school facilities accessible to the public, such as the football stadium and playgrounds.
The TIF will also be used to reimburse the developers for improvements.
The 58-acre piece of land is situated between Monclova and Ford, and from the Trail to the railroad tracks. The property was previously owned by Norfolk Southern Railway.
Councilmen Thomas Wagener and Dave Kissinger were not present at Monday’s meeting.
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