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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

1YtownParent(331 comments)posted 8 months 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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