Mayor delivers pledged $10M to Marina District project developer

As Toledo Mayor Carty Finkbeiner handed over an oversized check for $10 million to Larry Dillin, developer of the Marina District, you could almost see the weight of responsibility pass.

"The city has performed. Now it's all up to me," Mr. Dillin said. "The mayor has delivered, and I'm not going to let him show me up."

Councilman Ellen Grachek, who was not at the news conference, said she voted against the $5 million loan based on the concerns expressed by city Finance Director John Sherburne.

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"I was ambivalent about the concept of that loan that we authorized," Ms. Grachek said. "One of my concerns was making sure that even if the Dillin project doesn't materialize, can that money be put to a still important public purpose."

http://toledoblade.com/apps/pbcs.dll/article?AID=/20070703/NEWS16/707030...

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Mr. Sherburne has said it's not clear exactly how the loan, if used, is to be repaid."

With leadership like this, is it any wonder why the city is the way it is.

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And the question goes unanswered..just where did the Mayor caugh up that last million??.

Quoting from an article in the Toledo Blade:

In addition to the $4.9 million, the city's share includes $1.3 million from the capital improvements budget, $1.2 million from a utilities infrastructure development fund, and a $1.5 million grant from the state. The remaining $1 million is likely to come from a $5 million loan from the state Department of Transportation's State Infrastructure Bank.

The last of the money will come from that loan that someone said we would never touch. I think It was John Irish who said that. Someone can correct me on that; Fred was playing the quote most of the morning on WSPD.

We will probably loose at least $1.5 million from the project because that state grant was to build an amphitheater. That amphitheater is now not going to get built. All in all the city will mostly likely have to pay for at least the $5 million dollar loan for this project in lost grants and cost overruns.

Updated July 4 for grammar.

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Oh joy..more debt and still no realization we can't pay back.

There's a problem between an "Idea" and actually getting it off the ground. Public support is missing for a lot of the ideas generated. Toledo is a hard sell due to the anti- business stancees, the overwhelming lack of forsight and the lack of perserverence.

... up the numbers (I did), you get $ 9.9 mil., not the $ 10 mil. that the check was made out for.

It was also mentioned, albeit very briefly, somewhere in the media, if I recall correctly, too.

Just like "The Charlatan," writing a check that is clearly N.S.F. from the get-go...

Doncha just love all of the pomp and glitz that this guy surrounds himself with?

To me, it's all about the glory, and screw the petty details.

Hooda Thunkit

That is not even for certain yet, it was supposed to be a grant from the Ohio Cultural Facilities for an amphitheater which the City dropped out of the plans. They are assuming they have somehow demonstrated they will still have entertainment areas but that 4.9 can not count towards the ten million since it was not yet received, at that time the Mayor said there were "other pots of money" for the missing one million dollars. Hence the whole reason for the 5 million dollar loan from the Infrastructure Bank, which was supposed to be a place holder so they could meet the deadline. So, while the check may have been for ten million? They only have 9 million, a rather silly scenario since Larry Dillin said he would not hold them to the whole ten million - the honest thing to do would have been to write the big fake paper check for what the City had, nine million. Nor did City Council agree to the loan if the 4.9 million dollar grant comes through.

The reporting on this story has been less than stellar when it comes to making the real numbers and the real situation clear.

We don't remember days only moments...

Dillon has not delivered either on Southwyck so the the team seems to be an ideal match.

One does not deliver all the funds and one has not delivered on a project.

http://toledoohioneighborhoodconcerns.com/blog

To Dillion's credit he has done his best for Southwyck. Remember that last year Carty pulled a million from the Southwyck project to get the docks finished for this season. With that seed money pulled Larry had far less leverage with the big box stores at the convention in Las Vegas a few months ago.

RUMOR ALERT:
Also I've heard rumbling that Toledo in general and Southwyck in particular is currently on a 6 month black list with networking and marketing folks for the big box stores. We got on this the black list because of all the bad press Toledo was having at the time (money keeps getting shifted around on the Southwyck project, Toledo Blade union problems, Carty's almost weekly indiscretions, our crime stats, our dwindling population, our taxes, our building regulations, and WSPD's rants against the above.)

I use to work in marketing and have been privy to these groups discussions. The main purpose of these networking groups that they discuss which areas can support their representative companies. Here a little insight into these groups. They tend to be conservative. These guys don't want to loose their client's money and risk loose their $250k/year jobs. So naturally they like to find the local conservative talk radio station and listen to their local shows. IE they can listen to Glenn and Rush locally anytime.

When they listen to WSPD over the internet they heard Fred and Brian taring this town apart. I know Fred and Brian are doing their best to expose what is going on here and get their ideology out. But people outside the area are listening and they don't like what they hear. They do like Eye on Toledo because they view it as less agenda driven and more of a public forum. They like the idea of people giving their opinions and some constructive suggestions.

These reps also don't like the one sided articles on the Blade's website. Blogs are generally ignored because most city will have malcontents/militants who hate they place they live in no matter how good it is. Its usually about 11% of your population that are just miserable.

Overall these groups rate Toledo as a very high risk but high profit potential city. The reason why is because you could loose your shirt here mainly because of the local government regulations and taxes, shrinking consumer pool, and rising crime. But if you can cut through the red tape you can make a ton of money because the people here are crying for places to work and shop. The just don't want to invest here now because they see us as a city in turmoil/transition.

Perrysburg and Maumee on the other hand is considered a moderate risk and high profit potential. The main risk factors in those cities are the loose of their consumer pool (ie Toledo), market saturation (Levis Commons, Bass Pro, Spring Meadows proximity to Maumee and eventually Fallen Timbers), and rising crime (they're no where near Toledo's crime rate but by their current growth in population, especially Perrysburg, their crime rate is increasing).

September is usually when most of these networking groups get together. Thats when their number from the previous fiscal year are done tabulating and they look where they made the most money and where to build next.

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