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« Reason

A Profile Emerges

By Tyler S. Clark (Contact)


Published June 14, 2008

A fuller picture is emerging of Lou Frangos's profile as litigant, thanks to reporting in the Business Journal today about his tax history in Cuyahoga County. In addition to his more than $100,000 in Mahoning County property taxes due, an October 2007 case in Cuyahoga County involved almost $50,000 in back taxes. In March 2000, a case was dismissed over a lien in the amount of $450,000.

In Youngstown, the list is as follows:

Plaza Parking Deck, 16 N. Champion St., $36,445.86

First National Bank Tower, 1 Central Federal St., $34,471.46

Erie Terminal, 112 W. Commerce St., $11,281

Harshman Building, 101-105 E. Boardman St., $9,154.59

Five parking lots on Wick Avenue, $7,132.26

One parking lot on East Commerce Street, $1,868.36 

The Stambaugh building has first-half taxes of $11,277.57 due. The Wick Building, 34 W. Federal St. is $5, 229.71 in arrears.

According to Frangos, the delay in paying up is a dispute over the city's valuation of his properties. One thing has become clear; Mr. Frangos is a deliberate man. He'll bide his time until he gets a favorable tax assessment. Youngstown has waited patiently for the development in the Wick and Realty buildings to take shape. 

Today, the city gained a victory in getting Lou Frangos to agree to improve the window frames in the building and return the windows into place. But the weather dealt a blow to the Stambaugh Friday night, with winds lashing rain through its open, defenseless cavities. A cynic might suggest this was a ploy to reduce the valuation of the Stambaugh further.

The only sure answer is that Youngstown, the city that keeps taking it on the chin, is the loser again in this waiting game. The Stambaugh sits wet, cold and unloved for another day.


Comments

1cityguy(109 comments)posted 5 years, 10 months ago

FYI: The Erie terminal building has a for sale sign on it and when a call was made to the number, the agent said the building could indeed be bought. So, I'm wondering abut the intentions for this building as well and more importantly was this one purchased with no-interest loan money?

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2lucy(123 comments)posted 5 years, 10 months ago

Did you hear Frangos on WKBN today? Of course, he didn't answer questions from the public, and he also wouldn't commit to a date for replacing Stambaugh's windows (and another storm system is moving in right now). It seemed more like damage control than anything else.

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3tylersclark(182 comments)posted 5 years, 10 months ago

Maybe I'm naive, but I was encouraged by the WKBN interview. Frangos refused to publicly give up on the Paramount, and he seemed committed to following through on development in all 3 of the Wick, Realty and Erie Terminal buildings. I hope he's serious about that.

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4lucy(123 comments)posted 5 years, 10 months ago

Yeah, maybe you're right. I might be a little jaded. I'm glad you found the interview encouraging. It was just a little too "I'm not from Youngstown, but I think of it as my hometown" for me. I thought Rivers was fair, but I'm not entirely sure about Frangos. Still, it was good to hear something from him.

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