TOLEDO (WTOL) - Changes are being proposed to the Marina District development agreement between the City of Toledo and developer Larry Dillin.
The current plan calls for 58 acres of land along the riverfront to be transferred from the city to Dillin for a mixed use development project. Just last month, a new financing plan for the Marina District development was unveiled. Now, another plan is before Toledo City Council, which calls for a smaller piece of land being transferred to developer Dillin.
The mayor's office is asking council to amend the city's agreement with Dillin and to sell just 18 acres to Dillin Riverfront Properties for $1.2 million. These acres would be used residential-over-retail development.
The first phase of the work would concentrate on building Riverside Dr., but it would push back work on a public park and other improvements between the river and the new road.
Under this amended agreement, Dillin would still have the option to purchase the additional 40 acres for $3.4 million.
The city's economic development director doesn't view this as the project being scaled back but one that is moving forward -- in phases.
"We're looking at some changes in the Marina District financing proposal and in trying to move the project forward we also need to try to balance the risk that the city might have involved with the project," said Toledo Economic Development Director Dave Amstutz.