Ed Reiter, chairman of Mid-Am Bank, said the project should be able to attract necessary financing, likely at a 6. Things moved quickly. In exchange, Toledo Edison got exclusive right to supply power to the development. Toledo Edison is getting repaid by the growth corporation, utility spokesman Richard Wilkins said Friday.
Wilkins said that Toledo Edison gets involved in a wide variety of economic development projects in the area, and that the Rossford project is just one of many. He said that the growth corporation is using money it has made from selling land to developers interested in putting up businesses near the project. Reiter declined comment through a spokeswoman. In early fall of last year, the authority announced it was buying acres of land that had been optioned by the growth corporation. But the authority was already running low on cash.
After Lathrop Co. A call to the union for comment was not returned. All of the temporary loans were supposed to be paid off as soon as the project got permanent financing through a bond issue. But that never happened. It turned out Mr. Rossford officials tried to get more backing for the project to make it more attractive, but with little success. On Nov. Work was roughly 20 per cent complete. The project has been idle since. Company representatives did not return a call for comment last week. The money was loaned so the authority could buy 55 nearby acres that later would be sold to developers who want to put businesses there.
Asked to explain what the group was, Mr. But Mike Davis, chairman of the investment committee of the Michigan Regional Council of Carpenters and business representative for a Detroit Carpenters Local , said Thursday he had never heard of the group. Davis said.
When told of Mr. Robert Bernius, a spokesman for the Northwest Ohio District Carpenters, did not return a telephone call seeking comment on the issue. It was incorporated by C. David Bargamian, a Detroit lawyer. On Friday, Mr.
He said he would ask his clients if they wanted to reveal themselves and contact The Blade. As of yesterday, they had not. A bond anticipation note is short-term financing used as a bridge until a long-term bond is sold.
When the arena project backers needed to find temporary financing to start construction last year, a deal was struck between Perrysburg Township and MidAm Bank. But when MidAm signed the deal, it made the township agree to buy the bonds back at the same cost this summer. Miller abstained; Mr. Hagemeister and trustee Richard Britten okayed the move. The TID was about to miss a payment on the note and the township bought it from the bank to keep the project from defaulting. The TID has had trouble collecting the property assessments charged to landowners in the district to pay for the roadway and water and sewer improvements.
Hagemeister said. Other investors in the project have mortgage security. Township trustees have been trying to find a way to secure their millions. The latest plan: give the township a mortgage on the 55 acres of land purchased in March. But Carpenters Success already has a mortgage on the land, and would have to approve a second mortgage holder, Rossford law director Keith Wilkowski said.
Hagemeister met with representatives of Carpenters Success and Mr. Wilkowski to iron out a deal to be presented to township trustees at their meeting tomorrow. Hagemeister said before the meeting Friday.
Afterward, Mr. Wilkowski said no deal had been reached and that negotiations could take another month. Wilkowski repeated that Carpenters Success is a joint Ohio-Michigan union effort, but refused to give any details. He said that Carpenters Success was represented at the meeting by an unidentified lawyer, not one of the principals or Mr.
Earlier this year, officials considered something that was never before an option — building only the amphitheater and putting off the arena until later.
Once the amphitheater was built, officials would then turn their attention to an arena. After a year of financial troubles, this was viewed by some as a last-ditch bailout plan. The proposal promised a financial position for the project. While a new arena would provide a year-round venue, it would face a long established competitor in the Toledo Sports Arena, whose major tenant, the Toledo Storm, would fight for public attention with the Red Wings affiliate, the bond counsel reasoned.
In contrast, an amphitheater would have no competitor nearer than Pine Knob. And thanks to their low cost of maintenance, amphitheaters are generally much more profitable than arenas. But some residents of Rossford and the township were outraged at the idea of spending tax money on the arena. The township residents felt their trustees had invested enough in the project already, given the fact the investment was unsecured.
City residents said they believed they had been deceived — Mr. Zuchowski had assured them repeatedly that no local tax dollars would be used. The plan to use tax money to back the bonds died after township trustees rejected it. Now, much of the optimism of a year ago is gone. Langevin said later.
Led by Mike Ilitch, who founded the Little Caesars pizza chain and owns the Detroit Tigers and Red Wings, the family is slated to play a major part in the Rossford deal. Aside from their commitment to bring a minor league hockey team to the arena, one of their companies, Olympia Entertainment, has signed a deal to manage both the arena and the amphitheater. Under the deal originally signed, the Ilitch companies stood to make millions, including portions of all food sales, suite license fees, and naming rights fees.
In addition, the original deal included significant financial penalties for the authority if an arena was not ready to start hosting hockey by November of Those penalties were to compensate the Red Wings for most of their costs. Rossford officials said in January that the deal with the Red Wings was being renegotiated to improve the penalty agreement.
Langevin said the penalties had been eliminated entirely.
Representatives of the Red Wings and Olympia could not be reached for interviews, but Mark Corey, group vice president for Olympia, issued a statement through a spokeswoman. Zuchowski, the Rossford mayor, said. Zuchowski hopes that Wood County or the state of Ohio might be convinced to contribute backing for the project, although the county commissioners have publicly indicated they do not intend to risk their excellent bond rating or reserves on the project. The mayor said that getting Rossford and township taxpayers to back the issue with their own money is still possible.
Meanwhile, development at Crossroads of America is continuing, with construction already under way on a shopping center.
More retail development is in the works, along with long-term plans for a movie theater complex and hotels. Langevin said. Skip to content.
By Michael D. Lee Bailey was still at the top of his game. Prominence He first came to prominence in as a young man in a Cleveland courtroom.
Bailey has had legal troubles of his own. Adopted: November 3, Cheung, W. Lauderdale, FL; fourteen grandchildren; and a host of great grandchildren, nieces, nephews, cousins, family and friends. Feingold, A. If the Supreme Court finds that there is a duty to support, the parties want to know how the amount should be calculated. Frank Swain, Jr.
Cross-examining But many of his clients were still drawn to his undeniable ability in a courtroom. Maverick Mr.