Youngstown OKs HUD loan for amphitheaterTweet
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 interest rate could be lowered.
In addition to the loan, the city received $3 million from the Youngstown Foundation for naming rights of 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.
“We have some, but they haven’t been finalized,” Brown said.
The project is scheduled to be finished and opened by June.
Brown said the sponsorship money will be in place before the amphitheater and park open.
The work is being done by Brock Builders Inc. of North Lima.
The amphitheater and a riverfront park is being built on 12 acres along the Mahoning River from the South Avenue Bridge to just west of Hazel Street.
The amphitheater will be on property that includes the former Wean United site on South Phelps Street. The Wean United building was demolished in 2014.
“They’re putting steel up and the project will be finished on time,” said Charles Shasho, the city’s deputy director of public works. “We had a rough February weatherwise. But they’re back on schedule and we’ll get it completed in June.”
Also Thursday, the board approved a $151,578 contract for a point-of-sale system that tracks food orders and ticket sales and the purchase of an aerial lift for $54,849 to be used for stage work.