Toledo Venue Plan On Track

Ohio’s Lucas County Improvement Corp. got the green light November 15th from Toledo city officials to purchase the 7,500-seat Toledo Sports Arena and surrounding property for $5 million.

LCIC, the area’s economic development agency, presented the option to city officials last month as part of a proposed Marina District redevelopment plan.

The move allows the arena’s current owner, Tim Gladieux, to lease the property, maintain it and keep any revenues until it is sold or transferred to a developer, according to the Toledo Blade.

The Marina District project includes a 5,000-seat amphitheatre with a covered stage to replace the 58-year-old arena. The shed would cost about $7 million to build.

Funding for the arena purchase will come from the city’s annual parking garage revenue, the paper said.