The city is leasing an eight-acre parcel to V&M Star near the company’s $650 million expansion location so the company can store building materials and soil and provide parking for construction workers.
The board of control voted Monday to lease the land on South State Street, the former location of Sharp Lumber, for $100, retroactive to Feb. 22 and running through May 31. After May 31, V&M automatically would receive one-year license renewals for the land at no cost.
The location was considered at one point as part of V&M’s expansion, but the company opted to use it for storage and parking, said Mayor Jay Williams, the board of control’s chairman.
The city bought the acreage in late December 2010 for $450,000 from MMTK Family LLC, the parent company of Coronado Steel.
As it has done with several other properties bought by Youngstown on its behalf, V&M reimbursed the $450,000 to the city.
V&M is using the former Indalex factory, also on South State Street, for indoor storage.
Though there’s a small building on the Sharp Lumber parcel, V&M will use that area for outdoor storage, Williams said.
The Sharp Lumber site is closer to V&M than the Indalex property.
The expansion project is expected to be finished by early next year.