New funding for Toledo’s Wayman D. Palmer YMCA reconstruction

TOLEDO, Ohio — With the help of an advisory and finance solutions company, the City of Toledo and YMCA of Greater Toledo have secured additional funding for the Wayman D. Palmer YMCA reconstruction — thanks to a federal program.

The New Markets Tax Credit Program works by providing tax credits, which incentivize investors to put their money toward projects that spur growth in low-income communities.

That brief explanation brings us to the net investment of $3.4 million being made into the Wayman D. Palmer project, which the YMCA of Greater Toledo says will actually allow for less of the American Rescue Plan Act and Community Development Block Grant funds allocated by the city to be used. The organization says that in addition to less city funds having to be used, an outdoor splash pad and enhancements to the Inez Nash Park are now in the picture, thanks to this investment.

Phil Platz, chief financial officer for the YMCA of Greater of Toledo, tells me that the project is currently running on schedule — thanks, in-part, to the weather.