Perrysburg developer in default on $14.1 mil in bonds
6/22/2010Mr. Dillin owes more than $1.08 million in taxes to Wood County, including about $793,000 in special assessments owed to entities other than Perrysburg Schools, Wood County Treasurer Jill Engle said.
The delinquency covers 15 parcels, all in Perrysburg. The tax bill is due July 9, Ms. Engle said, adding that Mr. Dillin has yet to formalize a payment plan.
Last week, Bank of New York Mellon Trust Co., the trustee for the bonds, issued notice of an "event of default" because "of the failure of the developer to pay monthly escrow payments when due."
The filing affects only Mr. Dillin's firm, Levis Town Square Land LLC, and not the Town Center at Levis Commons, managed by Hill Partners Inc., of Charlotte.
Mr. Dillin said efforts are under way to deal with both the notice of default and the outstanding tax issue before the taxes come due next month.
The two issues are interrelated, he said, and if an agreement is reached, then he would be in a position to continue his obligations, he said.
The $14,165,000 bonds were issued through the Toledo-Lucas County Port Authority in 2007 to provide funds that allowed infrastructure to be developed at the $55 million shopping destination off State Rt. 25 near the U.S. 23/I-475 interchange.
It was Toledo's first "lifestyle" shopping complex.
The 550,000 square feet of shops, restaurants, and office space in that initial phase of a town-square setting since have added apartments and upscale housing. But its development coincided with the worst economic conditions in metro Toledo in decades.
The overall Levis Common complex has vacant storefronts, as well as vacant land.
Perrysburg City Administrator John Alexander and a spokesman for the port authority each said the bonds that were defaulted on were not backed by the "full faith and credit" of the city or the port authority, so taxpayers would not be on the hook to cover any shortfall with bondholders.
Contact Larry P. Vellequette at:
lvellequette@theblade.com
or 419-724-6091.