City council votes to sell The Docks to Chinese investors
Tue, 08 Feb 2011 19:42:42 GMT —
After several hours of debate and public testimony, and an afternoon of voting, Toledo City Council has decided to approve the Bell Administration's proposal to sell The Docks restaurant complex located along the Maumee River in east Toledo.
The sale of the Docks to the Dashing Pacific Group, a holding company owned by two Chinese investors, was voted for 10-2 by councilmembers during a voting session Tuesday afternoon. Councilwoman Lindsay Webb and Councilman Michael Collins were the only two members voting against the proposal.
In January, the Bell administration announced that Chinese investors were interested in purchasing The Docks for $2.15 million. At one time, the complex that has space for five restaurants was appraised at $5.6 million.
Some local investors complained at Tuesday's Economic Development Committee that there were local investors interested in purchasing the property. Bell administration officials and Councilman Michael Craig, in whose district The Docks is situated, responded that the property has been on the market for three years, but the only bidder to come forward could not provide adequate financing.
Prior to the meeting of city council, Mayor Bell signed a memorandum of understanding with Dashing Pacific Group to purchase the Marina District as well.