Toledo's City Council might not have to worry about a financial deficit for the Reinig-Toledo Civic Center this year.
Bids for the Reinig Center farm land came in at the Nov. 26 meeting and the rent for the two parcels is drastically increasing.
It will jump from $124 per acre to $465 per acre. Charles Boecker won the bid for both parcels, which combine to equal 112.5 acres.
Reinig-Toledo Civic Center
"Both parcels will be rented for $465 an acre for one year," Mayor Dave Svoboda said at the Nov. 26 meeting. "Thank you everybody for coming."
Once the original bids were opened, the highest bids came from Shawn Ritter. He bid $16,700 on parcel one, which is 37 acres, and $33,000 on parcel two, which is 75.5 acres. His bids came out to be $451.35 per acre on No. 1 and $440 on No. 2.
The city council allowed bidders to raise their bids at the meeting. Roger Wacha, who has previously had the farmland lease, increased the larger parcel to $33,100.
There wasn't any action for several minutes, until Boecker made his bid. His bid of $465 per acre raised the overall price to $17,205 for parcel one and $35,107.50 for parcel two. His bid was the final ones and the city council unanimously approved the bid. The first half of his bid is due in April, while the second half is due in December 2013.
The farm, located just northwest of Toledo, was part of the estate of Leona Reinig will to Toledo. The farm was retained by city officials at the time with income from it directed to the Civic Center operations.