Youngstown borrowing $4M from HUD for amphitheater, park
The city’s board of control approved an agreement Thursday with the U.S. Department of Housing and Urban Development to borrow $4 million for the Youngstown Foundation Amphitheater and riverfront park project.
The loan must be repaid over 20 years. The estimated interest rate was 2.59 percent, but Kyle Miasek, interim finance director, said the rate could be lowered.
In addition to the loan, the city received $3 million from the Youngstown Foundation for naming rights to the facility.
The city also is using a few hundred thousand dollars in water and wastewater funds for work directly related to water and sewer work there, Miasek said.
The rest of the money to pay for the $8.08 million facility will come from additional sponsorships, Miasek and Mayor Jamael Tito Brown said.
Read more about the project in Friday's Vindicator or on Vindy.com.