Downtown property owners apply for building improvement funding - Toledo News Now, Breaking News, Weather, Sports, Toledo

Downtown property owners apply for building improvement funding

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Oliver House is one of the buildings seeking funding. Oliver House is one of the buildings seeking funding.
TOLEDO, OH (Toledo News Now) -

Roughly $4 million worth of energy improvement projects are on the horizon for four buildings in the downtown Toledo area by way of the NW Ohio Advanced Energy Improvement District.

Created by the City of Toledo, City of Oregon and the Toledo-Lucas County Port Authority, the district fronts money for major energy efficiency projects through bonding and state loans, and property owners pay back through special assessments.

The owner of the Glass Centre at 701 Jefferson is petitioning for nearly $700,000 worth of improvements, and says trying to get money through traditional lending routes is extremely tough these days.

"First of all, can you borrow money to upgrade your building, and if you can't what's the alternative? The alternative is to shut it down," said Bruce Rumpf.

The owners of the Oliver House, the Toledo School for the Arts, and the Toledo Club have also filed petitions to the district, which require council approval.

 "We have the ability to do 15-year fixed-rate financing for property owners that are doing whole-building retrofits to their buildings, which are at the end of life for their major systems," said Kevin Moyer with the Port Authority.

Rumpf says the projects are important to keep older buildings in the downtown area competitive.

"There's a huge movement across America to go back to the urban core, especially by younger professionals," he said. "They want to be in downtowns."

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