YOUNGSTOWN — The downtown DoubleTree by Hilton hotel owner has gone nearly two years without making even a single payment to the city on a $700,000 loan, but the board of control will for a second time this year allow it to defer the amount owed until December 2026.

The agenda for today’s board of control meeting includes an item permitting Youngstown Stambaugh Hotel LLC to not give the city $121,895.08 for 23 delinquent monthly payments, plus interest, the company owes from December 2019 to last month.

This is being done because the bank that Stambaugh owes the most money to has agreed to again restructure its loan, said city Finance Director Kyle Miasek, a board of control member.

“This is a positive thing that they’re able to strike a better deal” with the bank, he said.

The loans owed to two other lenders are significantly greater than the $700,000 the city gave Stambaugh nearly five years ago, but because the city loaned the money it is required to sign off on the restructuring, Miasek said.

The other option would be to foreclose on the mortgage, but that would trigger a default on the bank loans and result in a court case, Miasek said. The city doesn’t support that, he said.

Under this agreement, Stambaugh’s “senior lender has agreed to forbear from enforcing its rights and remedies under the senior loan documents until Dec. 3, 2022, in exchange for borrower’s compliance with certain conditions,” according to the board of control agenda item.

Daniel Sweeney, a Cleveland-based attorney representing Stambaugh, said he was not able to comment.

Stambaugh Hotel LLC is a partnership between Pan Brothers Associates of New York City and Dominic Marchionda of Poland. The two have created several different companies for other downtown properties.

A state audit last week called for $7,866,389 in findings for recovery against Marchionda and others, including James Pantelidis, Pan’s co-founder and principal, connected to the improper use of city money and the failure to pay back state loans on three projects.

They are the Flats at Wick student-housing complex, and the Erie Terminal Place and Wick Towers, both are downtown housing buildings.

The biggest finding was $6,576,378 against Marchionda, Pantelidis and Wick Properties LLC, which had the two as managing members, for an unpaid Ohio Development Services Agency energy loan from Sept. 25, 2013, with interest, to help fund the construction of Wick Towers.