Mahoning Co. to pay off Oakhill loan

YOUNGSTOWN — The Mahoning County commissioners have agreed to pay off a $430,000 balance on an Ohio Department of Development building renovation loan made to the former owners of Oakhill Renaissance Place.

In a resolution passed today, the commissioners voted 2-1 to assume the loan at 3 percent annual interest, with the loan to be paid off in 2016.

Commissioner John A. McNally IV, who opposed the county’s purchase of Oakhill in 2006, cast the dissenting vote.

The commissioners took the action after ODOD declined to forgive the loan, which it made to the Southside Community Development Corp.

County Auditor Michael V. Sciortino said the county will owe about $60,000 in interest in addition to the $430,000 loan principal.

The county bought Oakhill in U.S. Bankruptcy Court for $75,000 after SCDC filed for Chapter 7 liquidation bankruptcy.

For the complete story, see Friday’s Vindicator and Vindy.com.