Port authority to buy city garages
Toledo-Lucas County Port Authority directors Thursday signed off on their agency's purchase of three city parking garages and the takeover of parking-meter management in downtown Toledo by approving two bond issues totaling $16 million -- $10 million in state funds and $6 million from the port authority's Northwest Ohio Bond Fund.
The debt would give the port authority financing to buy the Vistula, Port Lawrence, and Superior garages from the city for an estimated $15 million, plus some working capital to begin making improvements at the three garages and to metered parking.
Toledo City Council must approve the plan, with a first reading expected on Tuesday.
Toledo's 2011 general-fund budget includes assumed revenue of $4.85 million from asset sales to balance the books.
Thomas Winston, the port authority's finance director, said approving the bond issues represents the port board's consent -- it will not need to act separately on the garage purchases once terms are negotiated with the city.
"We expect this to be done over the next couple of months," Mr. Winston said.
Councilman Mike Craig told port board members that while he has not canvassed his colleagues, he also has heard no substantial objections to the garages' sale and expects smooth sailing for the proposal.
"I haven't seen any push-back on this issue. I think it's a great deal," Mr. Craig said, adding later, "I'll go out on a limb and say this could be unanimous."
Councilman George Sarantou, chairman of council's finance committee, said the city estimated conservatively on what it could receive for the parking assets.
"Many of us in the city are intent on trying to get the city out of the real estate business," Mr. Sarantou said. "We owe about $9.8 million on the bonds for the garages, which includes tearing down the Sports Arena."
The garages have about 2,400 parking spaces, while downtown Toledo streets have about 800 metered spaces, Mr. Winston said. All now are managed by the parking authority, which was organized in 1995 by the city and Downtown Toledo Vision Inc.
Mr. Winston said the port authority likely would retain the parking authority in the short term, but eventually issue a request for proposals to solicit other potential managers.
Mr. Sarantou said the parking authority "has done a good job, and they have the knowledge."
The parking facilities are among a catalogue of assets the deficit-ridden city has put up for sale in hopes of raising cash for its operations. They are by far the most valuable to date to find a buyer, with the only other large sales involving The Docks restaurant complex on the Maumee River in East Toledo and 69 acres of the nearby Marina District development site. The $2.15 million sale of The Docks and the pending $3.8 million Marina District deal both involve Dashing Pacific Group Ltd., a Chinese investment group.
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"We owe about $9.8 million on the bonds for the garages, which includes tearing down the Sports Arena." The garages have about 2400 parking spaces, while downtown Toledo streets have about 800 metered spaces, Mr. Winston said.
"Winning in double overtime at home to defeat Wheeling in Game 6 was magical for our first championship. I was amazed at the crowds at the Sports Arena. Visiting teams hated coming to play Toledo. I'm not sure if it was the fans that made visiting
Karen Kasich dribbles a basketball with the youth participants in Savage Arena at the University of Toledo on Wednesday, June 8, 2011. Mrs. Kasich, who promotes health and wellness, is participating in the 42nd annual National Youth Sports Program.
By The Blade, Toledo, Ohio June 26--Phil Tesar has gone from Mud Hens public relations intern to general manager in just six years. Tesar, a Hens' intern in 2005-06, is now the general manager of the Arena Football League's Cleveland Gladiators.
CSU will close the road trip at WNIT champion Toledo on Dec. 4. As the fall semester winds down, Colorado State will look for a repeat win, hosting North Dakota on Dec. 8. Last season, junior Kim Mestdagh put up a career-high 32 points,
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