Toledo City Council Rejects Loan Forgiveness

posted by News Radio 1370 WSPD & 92.9-FM - 

(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.

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