Toledo Talk

Ed Harmon..who is this guy?

This man has become a hugely prominent figure in the present and future of Toledo......and I dont really know his backstory. All I know is....he started Spartan Distribution. I also heard whispers that he won major dollars in state lottery. Did that facilitate the creation of Spartan? Im curious what the timeline is. Can anyone else shed some light?

Im also failing to see why there is so much pessimism surrounding his business dealings. Seems to me, he's one of the very few willing to dance with the economic development future of the Toledo area. Why are people so negative about this?

created by BulldogBuckeye on Jun 14, 2016 at 09:34:45 am     Comments: 9

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I think the pessimism is just a natural reaction to decades of false promises being made to the community. This is a guy though that seems to be actually taking some risk by buying property and not just offering redevelopment plans with no skin in the game.

We'll see what happens. We really need someone around here that is local and wanting to investment and rebuild the area. Much like Promedica, home grown is usually the best option. We saw this in OKC with Devon Energy's Larry Nichols and Chesapeake Energy's Aubrey McClendon (granted a lot of shadiness came up just because his death), They were hometown business guys that built their businesses and invested hundreds of millions back in the community. Hopefully we see more of this and momentum increases.

posted by JustaSooner on Jun 14, 2016 at 10:12:28 am     #  

Thats what I mean.....is Ed Harmon a Toledo guy? Where is he from? How did he get to where he is today financially?

posted by BulldogBuckeye on Jun 14, 2016 at 10:14:27 am     #  

The pessimism stems from the very shady setup from some of the deals. The warehouse he built on the old Jeep site was done almost entirely with Port Authority (read: taxpayer) dollars, yet he gets half of the profits. And by "profits," that means the money left after he pays his own management fee. And the commission he gets for listing the property. And he had his son in law build it, in a project that was supposed to go to public bidding, but didn't happen. That's why there is pessimism.

posted by Johio83 on Jun 14, 2016 at 10:54:02 am     #   2 people liked this

^^
Hmmm. In Toledo. Imagine that. Shocking.

posted by Foodie on Jun 14, 2016 at 12:58:43 pm     #   1 person liked this

So...I get it. The pessimism. But....Who is Ed Harmon?

posted by BulldogBuckeye on Jun 14, 2016 at 01:41:54 pm     #  

The pessimism stems from the very shady setup from some of the deals...
! posted by Johio83 on Jun 14, 2016 at 10:54:02 am
There's also the matter of his firm's lack of qualifications for the projects given to him by the Port Authority and PHH (both apparently without any public bidding). Their prior "development" work has been building greenfield industrial/distribution facilities for single users. I could find nothing to indicate that they had ever done master planning for a site like the Jeep property. Nor have they done anything similar to the Southwyke site.

posted by Bandito on Jun 14, 2016 at 01:53:25 pm     #  

Bandito posted at 01:53:25 PM on Jun 14, 2016:
The pessimism stems from the very shady setup from some of the deals...

! posted by Johio83 on Jun 14, 2016 at 10:54:02 am
There's also the matter of his firm's lack of qualifications for the projects given to him by the Port Authority and PHH (both apparently without any public bidding). Their prior "development" work has been building greenfield industrial/distribution facilities for single users. I could find nothing to indicate that they had ever done master planning for a site like the Jeep property. Nor have they done anything similar to the Southwyke site.

A quick glance of his website shows Dallas Paul is a partner/broker.

A search on Dallas Paul shows he was at Danberry Commercial. Prior to that he was an employee of Dillin Properties. Owned by Larry Dillin.

I didn't look at anyone else at NAI Harmon Group.

I don't, however, think it matters where he worked. People are allowed to work wherever they please and should not be discriminated against because of it. I just found it more interesting that anything. The teams change, but the people are always the same.

posted by slowsol on Jun 14, 2016 at 02:02:54 pm     #  

What many of you are not getting (and I tried to teach taxpayers for years) is that the port authority does not give money to businesses. It finances projects with revenue bonds.

As a bonding authority, it issues bonds which are purchased on the open market by people who buy this sort of thing. The money is lent to the borrower and the port authority receives a fee for issuing the bonds. No taxpayer dollars are used.

The Jeep project is a little different because that was built on spec. This was a big no-no when I was there and Jerry Arkebauer was running the finance department. His bottom line was always the ability of the borrower to repay. Nothing ever got built on spec. He respected taxpayer dollars like few public officials I've known. Jim Hartung was occasionally tempted by the idea of building on spec (especially at the airport) but ultimately saw the wisdom of not doing this.

It is my understanding that Mr. Harmon will have to service the debt on the building the port authority built on Jeep land.

I know the port authority issued bonds to finance Ed Harmon's warehouse in the Foreign Trade Zone 8 in Oregon and he's made good on that debt.

posted by MemyselfandI on Jun 14, 2016 at 04:55:20 pm     #   3 people liked this

One (1) single tenant booked for Rossford industrial park (9 lots) that was announced last year.

posted by BulldogBuckeye on Apr 18, 2017 at 10:28:35 am     #