City considering sale of 20 Federal Place office building
YOUNGSTOWN — The city is considering the sale of its 20 Federal Place downtown office building with a $2 million minimum asking price.
But based on the city’s preliminary calculations, a company purchasing the former Phar-Mor Centre at 20 W. Federal St. would lose about $217,000 annually.
The city expects to make $347,000 this year on the operating side if it continues to own 20 Federal Place primarily because it will collect about $930,000 in income tax on workers at the building, and has made that amount the past few years, Finance Director David Bozanich said today.
That doesn’t include $2,434,000 it spent or is spending for three new elevators, a new air conditioning system and new windows for the building.
Requests for proposals to purchase the building should be ready within 30 days.
A private business could find tenants for about 47,000 square feet of unoccupied space at the building that could help it be profitable, Bozanich said.
Also today, council moved closer to committing money to help secure daily service from United Airlines at the Youngstown-Warren Regional Airport in Vienna.
Council members agreed that up to $40,000 was reasonable and will consider legislation at its next meeting on May 21 to provide that amount.
For the complete story, read Wednesday’s Vindicator and Vindy.com