Toledo Invests $20M in Growth Without Raising Taxes

Toledo is betting big on its future, and residents won't see it on their tax bills.

The Ohio city announced a $20 million Shovel Ready Sites Fund this week that will support economic and community development for the next 35 years. The fund comes through the Toledo Community Improvement Corporation and is paid for entirely through a Joint Economic Development Zone partnership with neighboring Rossford.

Mayor Wade Kapszukiewicz says the innovative financing will let Toledo acquire and prepare strategic sites before employers even ask. That means companies can move faster when they're ready to invest and create jobs in the region.

The fund goes beyond traditional economic development. It will accelerate housing projects, support mixed-use developments, and breathe new life into aging commercial corridors that have seen better days.

"This is about competitiveness. It is about creating jobs. It is about expanding housing options," Kapszukiewicz said. "And it is about positioning Toledo for sustained growth for the next generation."

The Ripple Effect

Toledo's approach tackles multiple challenges at once. By preparing sites in advance, the city removes a major barrier that often slows down business expansion. Companies need to move quickly, and cities that can't keep pace lose opportunities to competitors.

The housing component addresses another critical need. Like many Rust Belt cities, Toledo has worked to attract and retain residents, and expanding housing options helps make that possible.

Transforming underutilized properties also means taking eyesores and turning them into community assets. Empty lots and struggling strip malls can become vibrant spaces that draw people together and increase property values for nearby homes and businesses.

The 35-year timeline shows this isn't a quick fix or political stunt. It's a genuine long-term investment in making Toledo more competitive and livable for decades to come.

Mayor Kapszukiewicz promised more details in the coming weeks about specific projects and sites the fund will target first.