After tax levies failed in 2006[2] and 2007, COSI closed its doors to the public on the last day of 2007 due to lack of funding.

[13][7] Portside's collapse contributed to the downfall of a Toledo-based regional bank, Toledo Trust, which financed the project, and left several small business owners in ruin.

"[14] A mayoral committee appointed to find the best use for the site heard repeated community requests for an educational family attraction.

[20] After voters voted down a second levy in November 2007, COSI Toledo closed due to lack of funding on December 31, 2007.

[3] On November 4, 2008, Lucas County, Ohio, voters approved an operating levy for the science center, enabling it to reopen in fall 2009.

In 2019, the Imagination Station launched a $10 million upgrade, including an 8,200-square-foot theater with a 4K, 3D-capable screen and seats for people.