City working to fund new development opportunities - Toledo News Now, Breaking News, Weather, Sports, Toledo

City working to fund new development opportunities

Posted: Updated:
Hotel Seagate was bought in November 2012, but shows no signs of redevelopment. Hotel Seagate was bought in November 2012, but shows no signs of redevelopment.
TOLEDO, OH (Toledo News Now) -

With several vacant buildings in downtown Toledo, including the former Fiberglas Tower and Hotel Seagate, the city and Toledo-Lucas County Port Authority are working to create new pools of funding to promote new development opportunities.

The Tower on the Maumee building awaits redevelopment following an extensive environmental clean-up project completed inside.

Hotel Seagate was bought back in November 2012 by an investor from China for $600,000, and shows no signs of redevelopment happening.

Councilman Adam Martinez says the city is leveraging HUD money through the port authority, and it's possible the city and port will have up to $100 million available for new development deals.

"We're finalizing the HUD 108 which will bring in about $40 million of funding for development into the area that would be throughout the city of Toledo, and then also working with the port authority on an application for New Market Tax Credits," said Martinez.

The port authority will soon submit its tax credit application, which has the potential to bring around $60 million of new economic activity to the area.

Mobile users, click on the "Video" button in the app to watch this story. Download our app here.

Copyright 2013 Toledo News Now. All rights reserved.