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.