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Officers have been interviewing witnesses, reviewing video footage and searching the surrounding area as part of the ongoing investigation.
Speaking to reporters, Toledo Deputy Police Chief Joseph Heffernan confirmed that "twelve people were struck with bullets", adding that two victims remain in critical condition. No arrests have been made so far.
Heffernan said early evidence suggests that at least two gunmen were involved and that they were "probably shooting at each other" when the violence broke out.
Police have appealed to members of the public for assistance, urging anyone with information or footage of the gunfire to come forward as the search for the suspects continues.
According to Police Lieutenant Dan Gerken, the victims were mostly young adults, with an average age in the early twenties. He described the scale of the shooting as unlike anything he had previously encountered.
"So, 12 people being shot, that's the most — I've been to a lot of scenes, but this was way over the top," Gerken said.
The shooting took place near the Old West End Festival, a well-known annual event that attracts large crowds with live music, block parties and tours of historic homes in one of Toledo's oldest neighbourhoods. Police noted that there was already a significant law enforcement presence at the festival when the shooting occurred.