The pair of investors, who have been identified as Wu Kin Hung and Yuan Xiaohona, forwarded a memorandum of understanding Monday night to Toledo Mayor Mike Bell pledging their intent to buy and develop part of the once-polluted Marina District in East Toledo into a mix of hotels, restaurants, and condominiums.
Mr. Bell is expected to sign the document Tuesday morning before Toledo City Council's economic development committee meeting that is scheduled to discuss the purchase agreement deal for the The Docks in East Toledo.
“They wanted to formalize, at least in the form of a memorandum of understanding, so people will know how much they are interested in the Marina District,” said Scott Prephan, the local representative for the investors' firm, Dashing Pacific Group Ltd.
“They look at it like one whole package and obviously the Marina District is a much more complicated deal,” Mr. Prephan said. “Ever since their first trip to Toledo, they were so enamored with the property, they started doing site planning right away, and playing around with different ideas.”
Dashing Pacific Group has agreed to buy the city-owned Docks restaurant and entertainment complex in East Toledo, along with the adjacent building most recently occupied by Toledo's parks, recreation, and forestry department, for $2.15 million.
Mr. Prephan said the investors plan to get new restaurant tenants at the complex and hire a local manager.
Dean Monske, Toledo deputy mayor of external affairs, said the memorandum of understanding is the first step toward inking a deal for millions in investment at the Marina District.
Mr. Monske said the memorandum of understanding is not legally binding but shows their commitment.
There is no current purchase price for Marina District property, how much land would be purchased, or the value of the development.
City Council could vote at its regular meeting Tuesday afternoon to approve the purchase agreement with Dashing Pacific Group for The Docks property.