Youngstown signs management deal for 20 Federal Place
YOUNGSTOWN — The city’s board of control signed a two-year contract today at $15,350 a month with a company to manage the city-owned 20 Federal Place.
The contract with Louis F. DeVicchio & Associates Inc. needs to be reviewed by the city’s law department before it’s finalized.
As part of the contract, the company will relocate from Niles to 20 Federal Place, the former Phar-Mor corporate headquarters on West Federal Street.
Besides the monthly management fee of $15,350, or $184,200 a year, DeVicchio could receive other financial perks.
The city agrees to pay the company a fee equal to 6 percent of the total gross lease amount for any new tenant of the building that DeVicchio attracts to 20 Federal Place, and 5 percent of the cost of any renovations, capital improvements or any other project with a pricetag of at least $100,000 to serve as construction supervisor.
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