Well - as a resident of the Toledo area, I can't say I've heard of this yet, but nothing would surprise me.
I especially find this difficult to believe for the following reasons.
1) The public schools are 18 million (levy just failed) in the red and there would be an absolute uproar if city dollars (even bond guarantees) went to fund this.
2) City council and the mayor can't agree and all but two of them are Democrats(!) on how to put together a lease agreement of the vendors at the Erie Street Market (which shouldn't be complicated).
and 3) It's Toledo - as much as the mayor would like to bring in developers and turn Toledo into a Chicago, or a Cleveland, or a Cincinnati, it's still Toledo. Jeep, Tony Packo's, and the Mud Hens - that's it.
6 million people to visit??? The population of the entire 50 mile radius of Toledo can't be more than 1 million. And, as Jeff said SoCal parks don't get that much.
If it's privately funded, then maybe this pans out - if publicly funded, no way.