The River East Economic Revitalization Corp., a longtime community development corporation based in East Toledo, will shut down Thursday, the agency announced.
River East, which was founded in 1974 to serve as an economic development and planning agency, has been one of about 15 CDCs receiving federal funding funneled through the Toledo mayor's office and city council.
“Following the city of Toledo decision to discontinue funding of River East in 2008, from the federally funded Community Development Block Grant program, River East began the process of liquidating assets,” the agency's board of directors said in a statement.
“These commercial and industrial properties had been acquired with the intent and focus of achieving the mission of the organization, which was to retain and attract new employment opportunities.”
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