LaSalle sale to save taxpayers millions - 13abc.com Toledo (OH) News, Weather and Sports

LaSalle sale to save taxpayers millions

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The sale of the LaSalle building downtown will save Toledo taxpayers hundreds of thousands of dollars a year.

A management company from Colorado, Monarch Investment Group, will buy the building from Wisconsin-based Kimberly Clark.

A controversial move to finance repairs to that building years ago may have paid off.  When you look back at downtown Toledo’s rebound,  the La Salle building may be the first place to look.

It was the first building Toledo invested in to attract people to live downtown.  Back in the mid-’90s, the city fixed the roof  and took out a $7.47 million bond to remodel the building.

Over the next 20- years, the warehouse district started to sprout businesses and apartments.  The Mud Hens ballpark and Huntington Center attracted crowds downtown, and now Promedica is about to move along the river.

“It has been a successful venture.”

The owners will sell the building then pay Toledo $4.7 million so the city can retire its remaining bond debt.

City finance director, George Sarantou, says,  “That means that the overall debt to our city will come down.”

Taxpayers will now save $451,000 a year…

That money could be used to open swimming pools next summer.  Or fix the roads after the winter.  Or hiring more police officers. Or be used to reduce the deficit.

Councilman Rob Ludeman (R) voted to spend money 20-years ago on the La Salle.

The company that will buy it already operates the Commodore Perry and the Executive Towers and may see *more opportunity* downtown.

Ludeman says, “I think there’d be a good number of Promedica employees who want to live in La Salle, Commodore, Bartley (Lofts).”

So that first step to spend money 20-years ago on the La Salle. may have started a stampede to get more development into downtown toledo.

Ludeman says, “It was probably a wise investment the city made back in the mid-90s.”

Monarch Investment will likely lease the apartments in the La Salle at market rates and develop the first floor for commercial business.

No word on the sales price of the La Salle, but closing is expected in mid-July.

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