(Toledo, OH) A Toledo developer could go bankrupt after Toledo city council refuses to forgive a loan.
Developer Bruce Douglas once ran for Ohio governor and was even considered a leading candidate to become Toledo Public Schools superintendent.
Douglas formerly served as chairman of U-T's board of trustees and the port authority. But now he may have to call it quits in the building business. Toledo City Council unanimously turned down a request to forgive a $500,000 city loan to build the Uptown Arts Apartments, which has never turned a profit since opening 15 years ago.
Many on council say Toledo taxpayers should not be left holding the bag for a failed real-estate investment. Douglas has said without the loan's forgiveness, his development company would go under financially.