Council puts Marina sale on hold

Chinese investors have withdrawn their bid to purchase part of the Marina District property in East Toledo.

In the wake of Mayor Mike Bell’s announcement that Chinese investors had withdrawn their offer to buy more than half of the Marina District, Toledo City Council Tuesday took legislation authorizing the sale of 69 acres for $3.8 million on hold for two weeks.

On Friday Mayor Bell said Dashing Pacific Group Ltd. was “reassessing” whether it wants to go forward with the deal. He also blamed the deal going awry on council.

The administration announced April 8 it had a deal with the China-based firm to sell it the vacant Marina District property, with a “conditional repurchase option” five years after the sale if the property has not yet been developed. The two investors who offered to buy the land, Wu Kin Hung and Yuan Xiaohona, met Mr. Bell during his trip to China last year and since have visited Toledo more than once to negotiate the purchase of the Docks restaurant complex, which has been completed, and the Marina District.

Councilman Joe McNamara Tuesday wanted to keep the sale legislation on council’s agenda in order to send the message that at least someone on council still wanted the deal to proceed.