Youngstown finalizes deal for industrial park building
YOUNGSTOWN — City officials finalized a deal with an auto body repair business on a lease-to-buy contract for a building in the Salt Springs Road Industrial Park.
The board of control met briefly Friday to approve the contract with Kempthorn Collision Center, which has Akron and Canton locations. It was the only item on the board’s agenda.
The contract is effective Monday and after making improvements to the building, Kempthorn will open, said city Law Director Jeff Limbian, a member of the board of control with Mayor Jamael Tito Brown and Finance Director Kyle Miasek.
Kempthorn plans to invest $450,000 to improve the former AT&T building at 2933 Salt Springs Road.
City council approved legislation Wednesday, authorizing the board of control to enter into a contract with Kempthorn as well as to declare the city-owned property as surplus for economic development. Both were needed to finalize the contract.
The company is paying a $25,000 deposit to the city and $33,000 annually for up to three years to lease the 30,000-square-foot building.
Kempthorn can buy the building outright after the three years of leasing ends or before for $550,000 with the deposit but not the lease fees deducted from the purchase price.
AT&T last used the building about five years ago with about two or three years left on its lease. It continued to pay the city until the lease expired, but the building hasn’t generated any revenue since.
The city has tried to get a deal done on the building since.
AT&T continues to lease a garage in the city’s industrial park near the building. That lease expires in June 2022 with AT&T interested in another five years with a second five-year lease option, Miasek said.