City gets 1.5 million from state…still one million short…
It is good news that the City of Toledo to get $1.5M state grant for ‘Riverfront Park’. It does help move that aspect of the Marina District project along. The City also seems somewhat confident that the 5 million dollars promised that was to be for the amphitheater that was later scrapped from the design might still be available to the project. Yet, that decision as the Toledo Blade article points out won’t be made until at least August. Hence the Mayor wanting Toledo City Council to approve a five million dollar loan from the State Infrastructure Bank.
It appears that there would still be a shortage of one million dollars that would have to come from, to quote the Mayor, “several other “pots” of money that are still be(ing) investigated”, as the article states:
Aside from the $1.5 million announced yesterday and the $5 million grant from the Ohio Cultural Facilities Commission, the other approved sources of funds for Riverfront Park are $1.3 million in the city’s capital improvements budget, and $1.2 million from utilities funds to develop infrastructure.
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This means before this 1.5 million was announced the City had 2.5 million dollars of the ten million they have to raise for their share of the $25 million price tag for the park. Then adding the 1.5, we are at 4 million dollars. Without the loan the City is six million dollars short, with the loan the City is one million dollars short. My main concern is what happens if the 5 million grant from the Ohio Cultural Facilities Commission doesn’t happen? Since it was based on the amphitheater plan it does not sound as if there is a guarantee it will be awarded. Would the City then have the possibility of a 6 million dollar loan if no other sources of funding are found? I can understand the reasons behind not wanting to wait until August to see if the 5 million dollar grant is going to happen, yet I also think that the reality that the grant is not a certainty should be forgotten.
Huh? I lost your point as you were mathematically pointing out of how much fund we will need for the Marina District project. I have no problem that they will get the money and perhaps they get an overmatch because there will be many private investment to follow as they will see this area primo. Case in point like in Pittsburgh, PA and Newport, KY whereas they have riverfront development with retail, restaurants, and residential (i.e. IMAX movie theatres, Barnes & Noble, Aquarium, etc).
June 13th, 2007 at 10:51 amThis is just for the Park…not the rest of the project.
The City has to raise ten million towards the 25 million dollars for the Park. We have 4 million right now with the last grant so we are six million short. City Council approved the loan for five million so we are now one million dollars short.
That was listed in the Blade article:
June 13th, 2007 at 10:59 amSo…what happens if the Ohio Cultural Facilities Commission decides NOT to give the park $5 million because they’re going to give the County Commissioners $12 million for the arena?
Is it likely that both projects will get funded at the requested amounts? I don’t know, but would like to.
June 13th, 2007 at 11:02 amThat’s an additional twist to this scenario as well. I don’t think we’ll find out until August but it is very likely both won’t get funded at the amounts requested.
June 13th, 2007 at 11:10 amI think it might be time to ask ourselves whether or not the Marina District is really a wise business move or whether it’s doomed to become yet another Dog in the City of Toledo’s real estate portfolio. All I’m saying , is that there’s a reason we’ve gone through so many different developers; if there was truly money to made in this project wouldn’t someone have capitalized on it without the city constantly giving it shots in the arm?
It seems to me that at this point in the game, the Marina District is less of a substantial business venture and more of a political liability for the folks who are in power (coincidently the same people who where in power 10 years ago when this idea was proposed). Hell, the original guy who sold us on this project hit-the-road years ago. This reminds me of the Mono-rail episode of the Simpsons…wait, the city’s thinking about that idea also…doh!
June 13th, 2007 at 1:35 pmhttp://www.youtube.com/watch?v=vFTVoD8LD4g
Mono-rail clip from the Simpsons
June 13th, 2007 at 1:36 pmShell game pure and simple, with LOTS of anticipation and
speculation thrown in for good measure.
And, with us to take up the slack if/when this house of cards topples. . .
Hold onto your wallets folks
June 13th, 2007 at 5:56 pmAnybody see Nightline last night and wonder why we can’t be more like Charlotte? They’re adding 80,000 residents a year, and a big factor in their growth is the affordable housing. Toledo certainly has plenty of that.
I’m hoping the Marina District will be a success, but it won’t matter how wonderful it is if the rats keep running from this sinking ship.
A realtor in Charlotte says the people moving there are called half-backs: people who fled the north to move to Florida, then moved half-way back. Maybe our area could lure them all the way back home by offering tax breaks to those who buy here and stay a mininum number of years.
It may seem counter-intuitive to try to attract retirees when chasing after young and growing famiies seems to be accepted as the wisest of moves, but I think there could be gold in those golden timers. Many that Charlotte is attracting are retirees who thought Florida would be the great place to spend those final years, then changed their mind, and they’re feeding Charlotte’s economy. I can think of one way to make a community retiree-friendly: create developments that are self-contained, with everything a senior citizen (or anyone else) needs within an easy walk or short ride (via shuttle buses, maybe): groceries, pharmacies, doctors, dentists, restaurants.
Advertisers want younger demographics, but did you ever go to an investment seminar? All you see is a sea of gray hair and bulging portfolios. I don’t know who decided that people over 54 don’t have money to spend or don’t want to try new brands or new products, but they’re nuts.
June 13th, 2007 at 5:58 pmDon’t be fooled by the marketing ploy of Charlotte, it is not all cracked up to be. In fact, the marketers of Charlotte area are so slick that they are making their city look like it’s the Emerald City of the world. Yes they have jobs but crime, lack of affordable homes (which is in a yo-yo factor), heat/humidity, congestion, lack of cultural amenities, blight, etc etc, just like many cities in this country. They may be growing fast but the crime is scorching so fast the police cannot keep up which is the downfall of Charlotte. But shhhhhhh don’t tell anyone that.
June 14th, 2007 at 12:46 pm