The deal was completed Friday afternoon when representatives from The Maritime Academy, GenoaBank, and the AMO union met to sign the paperwork at what is now The Maritime Academy of Toledo.
The former AMO Building finished construction and opened in late 2003 at a cost of $10 million. Between 2004 and 2008, an estimated 1,000 to 1,500 maritime industry professionals used the facility to meet their training needs. In October 2008, the AMO union announced it was leaving the facility and consolidated its operations in Dania Beach, FL. In April 2009, The Foundation signed a three-year lease-purchase deal with the AMO union. In November 2009, The Maritime Academy of Toledo, a grade 5 – 12 nautical-theme charter school, moved into its new home.
“It’s an incredible deal for the school,” said Marty Sutter, President / CEO, GenoaBank. “Less than a decade ago this building was constructed at a cost of $10 million and now The Maritime Academy gets it for a quarter of that price. This will help them move forward to meet the educational needs of not only the charter school students but for adult job retraining in the maritime industry as well. Genoa Bank is extremely happy in making this deal happen which will benefit not only Toledo, but all of northwest Ohio and southeast Michigan.”
“When we started The Maritime Academy of Toledo five years ago, it was our goal to work with both students and adults on career opportunities in the maritime industry. Also, we wanted to establish Toledo as the leader in maritime education and training. Today we took a giant step in making that happen,” said Ms. Marazon.
The Maritime Academy of Toledo will pay for the building through an on-going capital campaign which started in 2011. A bulk of that money will be raised through naming rights to the building, as well as various classrooms and other parts of the building. Additional money will be raised through private donations. The campaign is expected to continue through the end of 2012.
“We did not expect to purchase the building until the end of 2012,” said Ms. Marazon. “But in working with the AMO and other entities, as well as negotiating with GenoaBank, we were able to work out an arrangement that allowed The Maritime Academy to purchase the building now. The Maritime Academy is grateful to all involved in helping us make this dream come true.”
Ms. Marazon says the school will hold a week-long open house from Aug 1 – 5 for those interested in touring the building or getting more information on enrollment.
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