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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.

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