Building Trades Council offer $3.8 million plus one dollar for Marina DistrictWritten by Lisa Renee Ward | | email@example.com
Northwestern Ohio Building Trades Council has issued a “Memorandum of Understanding” to offer to purchase the Marina District from the city of Toledo. The offer for the property “commonly known as the ‘Marina District,’” is $3.8 million, plus one dollar, in cash.
A letter to Mayor Michael Bell and members of council dated May 12, 2011 from John Schlagheck, the Executive Secretary/Business Manager for the Northwestern Ohio Building Trades Council, states the building trades have hundreds of millions of dollars in pension assets that may be accessible for the purchase and development of the Marina District.
Schlagheck cites previous developments that the building trades have participated in that include the Perrysburg Hilton Garden Inn, Toledo Park Inn along with “approximately 70% of the Route 20 development east of I75, and hundreds of apartments and condominium units in Bowling Green and Findlay.”
The communication obtained by Toledo Free Press requests that Mayor Bell execute and return the Memorandum of Understanding and contact Schlagheck at the Mayor’s earliest convenience.
Dashing Pacific Group had entered into a Memorandum of Understanding with the city of Toledo on Feb. 8 to purchase 69 acres of the Marina District for $3.8 million, legislation for the sale was put on hold. Mayor Bell said in an April 15 memo to members of council that “Dashing Pacific Group has advised the City that they are reassessing their interest in purchasing the 69 acres in the Marina District.”
The Mayor requested council refer the legislation back to the administration, council opted to hold the legislation to send the message that they were interested in seeing the sale take place. The Mayor and several others from the Toledo area plan to travel to China on May 19 to meet with the investors of Dashing Pacific.