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