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Dana Tax Donations
District officials realized early on that fighting for funds with other Dana creditors could mean substantial legal costs with no promise that a payoff would materialize. Over the course of time, a change in state law and a change in the value of the building that was originally abated substantially impacted the amount of money the district was owed. The value of the property was halved from its original $30 million under an earlier separate agreement between Dana and its landlord, the Toledo-Lucas County Port Authority. In a settlement reached, Dana Corp. agreed to pay the Anthony Wayne Local School District $1.25 million. Final details of the settlement are being ironed out and must be approved by the bankruptcy judge overseeing Dana's case as well as the other creditors with claims on the company's assets. [TOLEDO BLADE: TAX DONATIONS]
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Published on Sep-22-07
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