Credit troubles may jeopardize Marina District

A longtime plan to develop 125 acres on the waterfront in East Toledo could be in jeopardy as the city's developer has been unable to secure a letter of credit to back part of the Marina District project.

As a result, Larry Dillin, creator of Levis Commons in Perrysburg, said he will be seeking approval from Toledo City Council on a new financing plan for the project's $20 million proposed main roadway and park along the Maumee River.

"In the current banking environment, which continues to spiral down, the banks we were talking about issuing a letter of credit to back the [general obligation] bonds [that] the city was going to issue, are now saying, 'We are not issuing any letters of credit' - not just to us, but to anyone," Mr. Dillin said.

Mr. Dillin said the "meltdown in the banking industry" has made it impossible to secure a letter of credit, which is required under the plan approved last month by council.

The new plan he's proposed - which is being recommended by Mayor Carty Finkbeiner - puts greater risk on Mr. Dillin and less financial obligations on the city, he said.

No votes yet

Fifth Third recently halted all commercial loans, regardless of the risk involved. I'm not surprised Dillin is having trouble securing financing.


"Show me a man who lives alone and has a perpetually dirty kitchen, and
five times out of nine I'll show you an exceptional man." -Charles

There's a city full of walls you can post complaints at

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