I don't think the PA leadership really matters at this point. It is more so removing the airport from their control and allowing a team that is actually concerned about air service development to take over. Toledo is one of the few airports left that secured a grant for Frontier service that the airline hasn't already announced new service for.
The main thing in addition to getting a new team in place is securing funding to help take some of the risk out of the airlines' corner. It worked with American providing a revenue guarantee for a fourth flight and it remains and doing well. There are methods to assist airlines in starting up operations without putting tax payers at a disadvantage.
Though of course there are cases where tax money has gone to a revenue guarantee (RG) and has worked wonders. Panama City, FL setup a RG for Southwest to start new service there. The program was ended after 4 months because the airline was already profitable. Wichita, KS approved a RG that will allow them to get transitioned from AirTran to Southwest opening up new destinations and more competitive air service. Branson, MO setup an RG program to get airlines to fly into the new airport there. Southwest just announced last week they are replacing all AirTran service with their own and opening up new cities.
I'm focusing a bit on Southwest right now because obviously they are the airline everyone wants in their hometown. They keep fares reasonable and provide numerous nonstop destinations on 737s. As of right now Southwest now operates to Cleveland, Columbus, Dayton, and Akron in Ohio. Toledo could very well work for them without impacting their operations at Detroit. Southwest could very easily operate flights to Chicago, Baltimore, Orlando, Tampa, and Denver and do very well. The catch is going to be setting up a revenue guarantee that will have to be from $6 to $8 million to help launch service.
At the end of the day though Toledo's two remaining carriers bring hope. American is negotiating to add 220 additional aircraft seating 70 to 90 passengers. These are your CRJ-700/900 and also the popular Embraer EJet line (170/190). They will likely have first class cabins and do wonders for increase yields in Toledo with the business passenger. The other thing it will do is open up the ability for a suitable aircraft to restart (possibly) service to Dallas that struggled under weight restrictions with the 50-seater they had before.
With Allegiant they are adding newer A319 aircraft to the fleet that will have the legs to reach places like Las Vegas, Phoenix, and Los Angeles from Toledo. If customers continue to show strong support for them, this will make it easier for them to add new markets with the new aircraft.
The biggest thing hurting TOL right now is just an inefficient terminal facility and poor leadership that continues to scapegoat everything under the sun for their short comings.