TOLEDO, OH (WTOL) - City of Toledo leaders are working on a deal with Chrysler that could mean thousands of new jobs at the Toledo Assembly Complex. Officials are trying to work out a deal that would include minimal impact on the school district and city's budgets, while ensuring the city sees the new jobs.
When city leaders made a deal to keep Jeep in Toledo in 1998, Chrysler helped pay for infrastructure improvements to the Toledo complex in lieu of paying taxes on the increased value of the property because of those improvements.
Earlier this year, Chrysler told city leaders they would like to see the value of the property drop from $169 million to $66 million. In September, the Mayor's office told City Council they would attempt to negotiate dropping the value to $104 million.
The request comes at a bad time for the city, as it faces a more than $4 million budget shortfall over the next four years.
"None of us expected our property values to drop the way they have. They're a good corporate citizen, they're doing what they have to do make the cost of business happen," said Councilman Rob Ludeman. "We also could offset that with increased employment more taxes will be paid to the City of Toledo and we keep a tremendous employer."
There is no indication when a deal may be sent to council or when Chrysler will make an announcement, but the expansion is expected to add 1,100 jobs.
Copyright 2011 WTOL. All Rights Reserved.
730 North Summit Street