(CelebrityAccess MediaWire) — The Toledo City council voted November 15th to authorize the city to buy the Toledo Sports Arena property for $5 million, using parking garage revenue to pay the total.
An option to buy the property was handed to the city in October by the Lucas County Improvement Corp., the city and county’s economic development entity. The 25.5-acre parcel is the last major portion of the city’s 125-acre Marina District.
The property will eventually be sold or transferred to whomever develops the district, according to the Toledo Blade. The money for the purchase will come out of a $725,000 annual revenue stream from parking garages managed by the Downtown Toledo Parking Authority.
The Marina District development, along the Maumee River, will include residential units, retail outlets, a hotel, stores, restaurants, a movie theater, a lodge, and a Great Lakes cruise line terminal. A 5,000-seat shed style amphitheatre will be built, to host events similar to the Toledo Sports Arena’s concert season. –by CelebrityAccess Staff Writers