Toledo leaders considering sale of property to boost coffers
Steve Herwat, Toledo's deputy mayor for internal operations

By Rob Wiercinski - bio | email

Posted by Kate Oatis

TOLEDO, OH (WTOL) - The City of Toledo wants to allay its budget concerns and is considering achieving that goal through the sale of property.

So, a significant piece of Toledo's real estate portfolio -- The Docks restaurants -- may soon be up for sale.

"Approximately $1.7 million in debt is still remaining on the Docks property... with the cessation of the River East Group, the city now has maintenance responsibility for the Docks," said Toledo's Deputy Mayor for Internal Operations Steve Herwat.

Other major holdings are also under review.

"The Port Authority is going to be putting together a package for us to consider, the city-owned parking garages," Herwat said. "We're going to explore the possibility... can we transfer ownership of some or all of the airport properties to the Port Authority and receive revenue in exchange for that?"

As the city's looking for money to balance this year's operating budget, selling property may not directly help the cause.

"That's something we're going to face with the sale of many of our assets; if they purchased out of CIP, the proceeds have to go back into the capital improvements fund," Herwat said.

The deputy mayor says a ballot issue may be needed to allow the city to shift some money from the capital improvements fund to the general fund.

Hosting a summer festival in the city might also cost a little more, as council will consider ending the practice of waiving festival inspection fees, which last year totalled $52,000

City leaders hope the big things and little things will add up to a balanced 2010 budget.