Developer Larry Dillin is asking Toledo City Council to approve a fourth amendment to the development agreement for the $20 million public portion of the riverfront Marina District planned for the city's east side.
The last plan approved by council would have sold 58 acres along the Maumee River to Mr. Dillin for $3.6 million for a residential and commercial development.
In the latest plan, the city would convey just 18 acres to Dillin Riverfront Properties Inc., Mr. Dillin's Perrysburg-based company, for $1.2 million.
Mr. Dillin would still have the option to purchase the other 40 acres for $3.4 million. That money would be reinvested into the public portion.
The city plans to use $3.9 million from a $5 million loan from the State Infrastructure Bank to complete the roadway portion of the public improvements during 2008. Mr. Dillin would be required to "personally guarantee" repayment, the new proposed agreement states.
Dave Amstutz, the city's director of development, said the changes would allow construction to begin quicker this year.
The land Mr. Dillin is buying would be part of the overall planned $320 million private development.
Mr. Amstutz said the first phase of the construction would concentrate on building Riverside Drive and would delay a planned linear waterfront park that has been publicized as the linchpin for the project.
Mr. Dillin could not be reached for comment last night.
Councilman Mike Craig, whose dis-trict includes the Marina District, said the new agreement, if approved next week, would be better for the city than the one currently in place.
"It puts the city in a better position since we are taking a smaller bite of the apple and our expenses are much less," Mr. Craig said.
"It puts Dillin in a much worse position. But he believes in this project to such a degree, he is willing to put his own personal assets on the line," he said.
On July 29, council authorized the sale of $8.2 million in notes plus a number of permanent improvements for the $20 million public portion of the project.
The issuance and sale of bonds was approved 10-2 with Councilmen Frank Szollosi and Michael Ashford voting against.
The Finkbeiner administration now says the project will no longer be financed with the same level of general obligation debt or assessments.
The administration's proposal now before council says they have "concentrated upon maximizing non-[general obligation] sources of funds to complete the project."
The total 125-acre district is bounded by the river, Front and Main streets, and I-280.
The city has gone through several plans and more than one developer over the last eight years to jump-start the project.
Contact Ignazio Messina at:
imessina@theblade.com
or 419-724-6171.
