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Findlay officials discuss development agreements, roadway and hotel proposals at southwest 99/75
Summary
Committee members reviewed draft development agreements and infrastructure needs for a southwest Findlay site where a hotel and housing developer propose projects. Developers offered multi-year payments to offset roadway costs; staff discussed possible city purchase of parcels and debt issuance if needed.
At a Strategic Planning Committee meeting, staff briefed members on development agreements being negotiated for the southwest corner of state routes 99 and I‑75, where developers have proposed a hotel and additional development and where city-built infrastructure could unlock multiple parcels.
The mayor described a roughly $1,400,000 estimated cost to build the initial connector roadway and said developers proposed multi-year payments to help cover that cost. "If you're willing to put in infrastructure, we will pay over a 10 year period, for that in investment. So a hundred and $40,000 for 10 years," the mayor said, describing an initial proposal from the Casto development team. The mayor said a separate hospitality group (Sunrise Hospitality) had proposed about $80,000 per year for 10 years.
Why it matters: The connector roadway would link multiple property owners and is seen as necessary to unlock development on lots that are landlocked or constrained by wetlands. One developer has offered to sell the city the parcel needed for the roadway and related connectivity; staff said they are still negotiating price and contract language.
Staff and counsel discussed safeguards. A committee member recommended that the city attorney or outside counsel take the lead in reviewing any agreement and cautioned that development agreements can expose the city to financial risk. Committee counsel emphasized the need for "enough hooks" in contracts so the city is not left financially responsible if developers do not meet commitments.
Debt and implementation: Staff said bonding could be used to front the cost, with payback structured from development agreements and other sources; Gregory (finance staff) and a law firm will be involved if debt issuance is pursued. The mayor noted the development agreement structure would be layered with the site's existing TIF considerations and would not replace TIF revenue, but could complement it.
Discussion vs. decision: The committee received the update and directed staff to continue negotiations and bring refined agreements, valuations and legal review back to the committee; no formal council action was taken at the meeting.
Ending: Staff indicated it will coordinate with the auditor, outside counsel and bond counsel to present a recommended structure to the committee before any final agreements or debt issuance goes to full council.
