ELYRIA — A sheriff’s sale is set Wednesday for two parking lots and a downtown building owned by JGT Enterprises Inc., and more auctions are on the horizon for the company led by Jay G. Tokar, the man once referred to as the king of Elyria’s downtown.

Occupants of buildings involved in the sales said the change is somewhat disquieting.

“We’re in limbo — we’re playing it by ear,” said Tamela Grubb of Main Street Elyria. “We’re hoping that whoever gets it, we’re able to stay and we don’t have to move.”

The three properties — the Main Street Elyria building and parking lots on Broad Street and Depot Street — will be sold together.

They are appraised at $348,000 and a minimum bid of $232,000 is required for their sale, according to the Lorain County Sheriff’s Office, which handles foreclosure sales.

Two other properties owned by Tokar were listed Friday under the legal notices for foreclosures: the JGT Annex at 374 Broad St. and 140 and 146 Middle Ave.

Some additional sheriff’s sales are in the works for Tokar-owned properties, according to Mary Ochenas, manager of the sheriff’s civil office.

Attorney David Myers, who heads Hickman & Louder law office at 374 Broad St., said he did not see the foreclosures as a blow for downtown Elyria. The buildings are fully occupied and likely will sell if the price is right, he said.

But, “it’s always unsettling when there’s a prospective ownership change,” Myers said.

Tokar, of Avon, did not return phone calls to Tokar & Co. or to JGT Enterprises, which operates at 124 Middle Ave.

On Feb. 28, 2007, Tokar filed for bankruptcy in U.S. District Court in Cleveland, saying he was $7.34 million in debt. The foreclosure actions started being filed against him later that year.

Mayor Bill Grace said he has not spoken recently to Tokar, but he said he expects him to recover.

“There are national influences in play with the mortgage crisis and financial markets,” Grace said. “Developers like Mr. Tokar go through these cycles at times — he’s a successful businessperson, and I expect him to rebound. Donald Trump had bankruptcies and reorganized and is as successful as ever, so the same may be true of Mr. Tokar.”

When things were going well, Tokar was investing in downtown Elyria at a rapid pace, and he ended up owning large swaths of property. One of his most notable investments was the Lorain National Bank Tower, which he turned into office condominiums.

Contact Cindy Leise at 329-7245 or cleise@chroniclet.com.

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