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Youngstown council approves loans for 2 downtown projects



Published: Wed, February 19, 2014 @ 8:35 p.m.

YOUNGSTOWN — City council approved legislation today to loan $3.29 million to two companies rehabilitating vacant downtown properties.

Without the money, the projects wouldn’t happen or would have been delayed, officials with the two companies say.

Based on a recommendation from the administration, council voted to approve loans equalling 70 percent of state tax credits, at 3 percent interest, to the projects, both on West Federal Street.

The projects are:

• The $15.3 million conversion of the Wick Building into a 52-unit rental and extended-stay facility being done by the NYO Property Group, a major downtown property owner. The city will loan $2.59 million to NYO.

• The $4.4 million conversion of the Wells Building into the new headquarters of Strollo Architects with 12 apartments. The city will loan $700,000 to the project.

Also, council voted 4-3 to have Councilwoman Janet Tarpley, D-6th, replace Councilman Mike Ray, D-4th, as president pro tem. Ray along with Councilmen Paul Drennen, D-5th, and John R. Swierz, D-7th, voted against appointing Tarpley.

For the complete story, read Thursday’s Vindicator and Vindy.com


Comments

1Ianacek(882 comments)posted 4 months, 3 weeks ago

So now the City is in the banking business ? Talk about crony capitalism ! Is there no limit to the largesse of the Council to well heeled developers with taxpayers' funds ( I'm assuming they won't raid the water and sanitation accounts again after the State Auditor's warning )
Just on the Wells building alone , the City has already committed a $2 million loan with an interest rate of 0.25 percent as well as city grants of up to $520,000 for water and wastewater improvements and up to $100,000 for improvement work, and a 12-year real-property tax abatement.
The State tax credits being offered to repay the loans are forgone if completion dates are not met . What's the bets the developers come back for more of these sweetheart loan deals at Treasury Bond interest rates ?

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2Southside_Res(165 comments)posted 4 months, 3 weeks ago

Council members have lost their f----ing minds! Just where do they think that money comes from?

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3YtownParent(274 comments)posted 4 months, 3 weeks ago

Glad to see Capitalism is alive and well in Youngstown. NOT! There is a reason the free market enterprises aren't supporting these projects. Unfortunately, this kinda market manipulation by local, state and federal government is exactly why they economy is in the crapper.

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4zz3(919 comments)posted 4 months, 3 weeks ago

The city non-leaders we have don't have a clue about almost anything to do with business and how to bring it here. These idiots operate like DC spend more money and people will come!! NOT Plus, this city has no money!! Biggest percent of the last of the population we are stuck with are on some kind of entitlement anyway. So where's the money gonna come from?? Everyone is gone you ding bats!! How about a new another new school we can build and mothball!! GEEEEZZZZZ
'

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