An option to buy the Toledo Sports Arena and its surrounding property was handed over to the city of Toledo yesterday, a step toward a new city plan to develop the east side Marina District.
The Lucas County Improvement Corp., the city and county s economic development entity, voted yesterday to assign an option to purchase the property for $5 million to the city.
The 25.5-acre site at 1 Main St. includes the 1947 arena and its 1958 exhibition hall annex as well as Brenner Marine.
In August, the LCIC signed the 90-day purchase option, which could be renewed for another 90 days, with Tim Gladieux, owner of the property.
On Tuesday, Mayor Jack Ford announced his intention to have the city purchase the property as part of a new plan to develop the Marina District. The mayor said he would place an outdoor amphitheater on the spot where the arena now sits.