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Published: Friday, 6/22/2007

City gets $5M state loan to develop Marina District

The city of Toledo has obtained a $5 million loan from the State of Ohio Infrastructure Bank to help develop the Marina District, Mayor Carty Finkbeiner announced yesterday.

The money will be used to construct Riverside Drive, a -mile-long road along the river connecting Marina Drive on the north and Main Street on the south, including sewer and water infrastructure, a statement from the mayor s office said.

The loan brings funding secured by the city for the riverfront park project to $9 million, but still $1 million short of the $10 million in public-sector investment committed to developer Larry Dillin. Mr. Dillin s commitment calls for him to secure $50 million in private-sector investment.

The loan is guaranteed by funds from the city s capital improvements budget over the next 10 years, the administration said. The administration has said it hopes to obtain a $5 million grant from the Ohio Cultural Facilities Commission that would offset the loan.

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