The City of Toledo and Developer Larry Dillin are ready to move forward with the development of the Marina District project on the east bank of the Maumee River.

City council passed an ordinance July 7 amending the agreement between the city and Dillin’s company to develop the commercial and residential portions of the project with private funds. It allows the city to sell 58 aces of the site to Dillin for $3.6 million, with commercial and residential development to begin by the end of 2010.

“We believe in this project and are anxious to move forward with it,” said Dillin.

“The Marina District moves onward and upward as Toledo’s newest waterfront neighborhood,” Mayor Carty Finkbeiner said in a statement released to the media. Finkbeiner announced July 7 that the Ohio Cultural Facilities Commission had approved a $4.9 million grant for the Marina District.

Dillin said the commission’s approval of the grant and city council passing the amended agreement were two critical components that allows them to proceed with the project.

“It allows us to close on the equity funding this month and purchase the property by the end of July,” Dillin said.

“Things are coming together on this unique project,” said Dave Amstutz, manager, department of development for the City of Toledo.

The $4.9 million grant, $3.6 million from Dillin and $750,000 in funds for infrastructure from the state will be used for the Riverfront Park project, said Amstutz.

The Riverfront Park project is part of the $300 million Marina District development. The park will include city-owned land along the river extending from the Martin Luther King Bridge to the former Acme power plant.

The project will include a public road, multipurpose path, boardwalk, public gathering places and multiple sites for public entertainment and cultural programs. It will also feature interpretive panels displayed throughout the park depicting the historical significance of the Maumee River.

Construction is nearly completed on the infrastructure for the Marina project that includes sewers and a roadway that runs parallel with the Maumee River off Main Street. Dillin expects work to start on Riverfront Park this summer as his firm has a contract with the city to design and build it.

“We think Riverfront Park will enhance the value of the property and this project,” Dillin said. “We are proceeding with the design work on the first buildings. We plan to go vertical next spring if the market improves by then.”

The first building would be constructed along Front Street adjacent to the marina terminal and include an entertainment district for restaurants and night clubs with 220 loft-style apartments at a cost of about $30 million, according to Dillin.

“This is a terrific deal for the city. The Marina District project is good for the City of Toledo and entire Northwest Ohio region,” said City Councilman Mike Craig, who voted for the ordinance.

“It’s a huge investment for Dillin. His personal assets are on the line for the purchase of that property. If he didn’t believe in this project, he could simply walk away from it,” said Craig, who represents District 3 where the project is located.

The commission’s approval, coupled with signing of legal agreements, would allow the city to be reimbursed for the project on a pro rata basis with funds appropriated by the Ohio General Assembly.

Lucas County Sens. Teresa Fedor and Mark Wagoner, Reps. Edna Brown, Randy Gardner and Peter Uvjagi and former Rep. Jeanine Perry voted for the bills that allow for appropriation of the funds. Mayor Finkbeiner recognized the legislators for their support of the bills and grant to the city.

The Ohio Cultural Facilities Commission is a state agency that supports economic development, expands educational opportunities and enhances the quality of life in Ohio by improving the state’s cultural facilities. Since 1988, the commission has distributed more than $400 million in capital funds appropriated by the legislature and governor for more than 300 improvement projects in 72 of Ohio’s 88 counties.

This entry was posted on Friday, July 10th, 2009 at 12:00 am and is filed under Toledo Business Link.
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