2024 In Review: Economic Development
January
Barron’s, a financial publication, ranked Toledo as 2024’s “hottest place to live” in the U.S.
The Department announced the citywide launch of the Residential Tax Abatement (RTA) and Commercial and Industrial Tax Abatement (CITA) Programs, collectively known as the Community Reinvestment Area (CRA) program. This strategic initiative marks a significant step towards fostering community development and economic growth in Toledo. The Community Reinvestment Area program, a 40-year-old economic development tool in the State of Ohio, provides real property tax exemptions on the increase in taxable real property value resulting from the renovation or new construction of buildings within a designated area. While portions of the city have enjoyed the benefits of tax abatement over the years, large sections of South and West Toledo were not eligible until now. In October 2023, Toledo City Council passed legislation authorizing the designation of these areas, enabling the acceptance of applications from anywhere in the city.
In partnership with ConnecToledo, the Department helped fund a Comprehensive Wayfinding Plan for downtown Toledo and the surrounding neighborhoods. This plan was a recommendation of both the 2017 Downtown Toledo Master Plan and 2018 Parking Study completed by Walker Consultants. The plan provides a system of pedestrian and vehicular signage directing visitors, residents and workers to entertainment destinations, parking structures, parks and cultural districts. This plan will make downtown easier to navigate and enhance the visitor experience.
March
Toledo-area glassmakers Libbey and O-I were awarded $170 million in grants from the U.S. Department of Energy. This will leverage another $45 million of investment in Toledo creating hundreds of jobs and helping these two ironic Toledo brands become more competitive in their respective industries.
The City of Toledo was awarded a $28 million Reconnecting Communities Grant from the U.S. Department of Transportation to improve Front and Main Streets in East Toledo. In 2017, the Department collaborated with Metroparks Toledo to commission a streetscape enhancement plan for Front Street to improve safety and enhance connectivity between the Garfield neighborhood and the Glass City Riverwalk project.
April
The City transferred its riverfront building at 1030 Water Street to Metroparks Toledo for the Toledo Pickle Company project. The building will receive a multi-million upgrade to be transformed into a family entertainment center complete with indoor and outdoor pickle ball courts, rock-wall, shuffleboard, cornhole restaurant and bar.
May
The Department awarded projects through its Vibrancy Initiative. The Vibrancy Initiative is a comprehensive revitalization effort focused on enhancing Toledo’s vitality through building exterior improvements and the activation of first-floor commercial spaces. This initiative aims to create jobs, reduce blight, and preserve the city’s historic structures while fostering business growth. In 2024, the initiative supported 18 projects, attracting seven new businesses, assisting 11 existing businesses, and revitalizing 132,968 square feet of previously vacant commercial space—vacancies that averaged 10.6 years. Notably, six projects are located within a city-designated Neighborhood Strategy Revitalization Areas (NRSA), and 67% of awarded properties date back to the 1800s. With an $855,000 investment from the City, the initiative successfully leveraged $21.6 million in private-sector funding, demonstrating a strong return on public investment.
June
Toledo hosted the Ohio Economic Development Association’s Annual Summit. This the first time the Annual Summit has been hosted outside Columbus. The conference was hosted at the newly renovated Glass City Center and welcomed record breaking attendees for the event. Over 500 people came from across the State to the conference. Additionally, Brandon Sehlhorst, Director of the Department of Economic Development was named the Economic Developer of the Year, the OEDA’s highest award honor.
July
The 60-acre Toledo Trade Center is the City’s largest and newest industrial park located in North Toledo. NorthPoint Development is investing over $100 million to convert the former indoor mall site into three 285,000 square foot speculative industrial buildings. MOBIS started operating in Building 1 with over 185 employees and was awarded a $30 million grant from the U.S. Department of Energy to grow their EV operations in Toledo. It is estimated that the industrial park could be home to over 550 jobs and could generate more than $11.84 million in permanent wages.
Toledo was designated the first Innovation Hub in the state by Governor Mike DeWine supported by a $31.3 million grant to advance glass and solar technologies, with corporate partners like O-I Glass, Owens Corning, and First Solar. A collaboration between the University of Toledo, Bowling Green State University, and local industries to develop sustainable glass manufacturing processes and innovative technologies. Projected to create 1,600 new jobs and contribute $284 million to the local economy, propelling Toledo to global leadership in the glass and solar sectors.
Finance Buzz ranked Toledo No. 1 easiest place to reduce cost and save money in the U.S.
The City partnered with ConnecToledo, the downtown Toledo development corporation, on a pilot project to construct and install two parklets outside Earnest Brew Works and Adams Street Café. The parklets create an opportunity for these businesses to expand their presence to an outdoor area, enhancing their ability to generate revenue.
August
As part of the Department’s brownfield redevelopment strategy and in partnership with the Lucas County Land Bank, it received $11.5 million from the Ohio Department of Development to support the redevelopment of eight sites in Toledo.
October
The City cut the ribbon on a $9 million renovation to the former Radisson Hotel on the University of Toledo’s Medical Campus. The facility now holds a Delta Hotel by Marriot flag and is the second four-star hotel in the region. The Departments of Economic Development and Housing and Community Development were able to assist the hotel through its Toledo Business Growth Fund program that is funded through the U.S. Department of Housing and Urban Redevelopment’s Section 108 program. The City is providing a $2 million low-interest loan to the hotel to assist with essential costs such as working capital, new furniture, equipment and employee training.
The Department created the Legacy Corridor Business Resilience Grant Program with a $100,000 budget allocation to support businesses impacted by the Broadway Street Reconstruction Project.
November
To support the redevelopment of the Four Corners and fulfill a recommendation of Downtown Toledo Master Plan the Department commissioned a streetscape plan for the Huron and Madison corridors. This comprehensive, long-term streetscape enhancement plan provides a roadmap for strategic placemaking in the public realm, taking a holistic approach to creating vibrant, community-oriented spaces that foster engagement and improve urban experiences. After robust public engagement, the Department released the finalized plan. The plan will strengthen the City’s ability to secure federal and state grants to help bring this vision to life.
The U.S. News & World Report ranked Toledo as the second best place to live in Ohio in 2025, next to Columbus.
December
The Department kicked-off the Dorr St. to Adams St. project with robust public engagement to listen to the community’s feedback on improvements desired to be part of the project. Three public meetings attracted over 150 attendees and the online survey received over 250 responses. This project will support the development of the Toledo Social Innovation District, with a focus on developing new technologies to improve the region’s economic competitiveness while also strengthening the region’s people, particularly low-income, minority, and people of color living in the most distressed neighborhoods adjacent to downtown Toledo.