(CelebrityAccess MediaWire) — The Lucas County Improvement Corp. authorized an option to buy the 7,500-seat Toledo Sports Arena and its adjacent property in Toledo, Ohio.
The board put a hold on delivering the document to property own Tim Gladieux until the LCIC’s attorney can review any leases at the 25.5 acre property that may complicate the arrangement.
Board President Jeannie Hylant told the Toledo Blade that the agreement would give the publicly funded LCIC a 30-day option to buy the property for $5 million, with the potential to extend the option for 90 days. The agreement temporarily secures the site, part of the proposed Marina District development project.
The property, which includes the 1947 arena, is the home of the Toledo Storm hockey team, and several other lucrative property tracts. The board was concerned the land would be snapped up by a private developer if they did not act quickly. –by CelebrityAccess Staff Writers