Port deal facilitates 30 new jobsWritten by Staff Reports | | firstname.lastname@example.org
The Toledo-Lucas County Port Authority announced Sept. 26 that its Board of Directors unanimously approved an amendment to a land lease with Heidtman Steel. The lease allows Industrial Power Systems (IPS) to build on more than 37 acres of property on Front Street. Industrial Power Systems will develop a new fabrication shop that will initially employ 30 workers.
IPS offers general contracting, construction management, pre-construction and design-build services, according to a news release. The land was originally leased to Heidtman Steel in 1987 for a steel mill, which never came to fruition. Most recently, the land was used for to facilitate the construction of the Glass City Veterans’ Skyway.
The Port Authority negotiated a transaction that would amend the Heidtman Steel lease to reduce the premises only to that area on which its office is located (approximately five acres) for an annual rent to the Port Authority of $102,000 per year until 2019. IPS will pay $240,000 annually for the 37.7 acres they will occupy until 2019 when the company has the option to purchase 10 acres of the land for $700,000 or negotiate a new lease. After 2019, the balance of the land reverts to the Port Authority’s control, with the exception of the five acres that houses the Heidtman Steel office. This includes the dock area located adjacent to The Toledo Shipyard and 22 acres of land on the east side of Front Street.
A timetable for construction on the site has not been determined.