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TOLEDO, OH (Toledo News Now) -
Toledo Mayor D. Michael Collins says he's hoping to get a better sense of whether or not redevelopment will happen in the Marina District, on 69 acres of land the city sold to the Chinese investment group Dashing Pacific for $3.8 million in 2011.
The mayor says he's expecting to meet with Dashing Pacific Chairman Yuan Xiaohong in the near future.
"Ms. Yuan will be coming to Toledo, I was told, would be in February, so she and I can sit down with her son-in-law and discuss her vision as to where it's going to go," said Collins.
When the deal was announced, that vision was for a $200 million mixed-use development project taking shape along the riverfront.
"I'm hopeful that will indeed transition into that, but to give it a level of optimism or pessimism, I'm really not in the position to do that," said Collins.
Collins says he's hoping by June of this year he'll have a better idea of Dashing Pacific's intentions, so the city can have enough time to plan for the possibility of exercising a buy-back clause, which allows the city to reacquire the property if development doesn't occur within five years.
"If it would be Council's desire to do this, I think it would be important for us to do a seamless transaction, where we secure the property from Dashing Pacific and then pass forward the property to a new developer, so that realistically, that $3.8 million would be pretty much zeroed out," explained Collins.