TOLEDO, OH (WTOL) – Big plans are in store for the former NorthTowne Square Mall after a decision by Toledo City Council. This plan calls for the city to acquire six to nine acres of property with the current ownership group paying what it owes on back taxes, outstanding code violation fines and utility fees.
The decision was not unanimous. A 7-5 vote decided the demolition of vacant portions of the mall. There are no costs up front for the city to acquire the property, but it will use roughly $700,000 from a Brownfield Revolving Loan Fund to cover demolition. That is money the city expects to get back by reselling the property.
For those who oppose the deal, current ownership has an option to buy back the property. The city can only terminate that option if there is another buyer who is willing to pay the fair market value.
Councilman George Sarantou said the city is rewarding a bad owner while taking on this risk.
"The fact of the matter is, the law department said, on the record, that in six to nine months there could be a Sheriff's Sale for these properties at NorthTowne. And that is the proper way to dispose of these properties," said Sarantou.
This plan does call for the Super Fitness center there to remain. The next step is for the ownership group to pay what it owes.
The demolition could start as soon as the city puts up bids and awards a contract, as early as next year.
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