City sells 40 acres for construction of $23 million Jeep facility
Toledo’s Jeep plant will expand its facilities—and workforce—after a recent property sale by the city.
On January 5, Toledo City Council approved the sale of the former Textileather and MedCorp properties to Fiat Chrysler Automobile (FCA) for $1.
In return, the company will build a $23 million, 250,000- square-foot vehicle customization facility, which will employ more than 300 people to support Jeep Wrangler and Jeep Gladiator production for the Toledo assembly complex.
Legislation for the sale was proposed by Mayor Wade Kapszukiewicz’s administration in December. The reduced price was offered under the condition that the city authorized a tax increment financing (TIF) for the property prior to the sale. TIF is an economic development financing tool that diverts property tax revenue to fund infrastructure or public improvements.
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