YOUNGSTOWN — Sitting at his first city council meeting as Youngstown mayor, Derrick McDowell admitted his heart was pounding fast with excitement and passion.

“It comes as a challenge to take over a position like this,” McDowell said toward the end of city council’s Wednesday meeting.

He said: “My heart is beating profusely, pounding. I would say that many of us in this room are probably experiencing the same thing.”

McDowell said his new Cabinet members were in council chambers together for the first time.

He said: “Our hearts are beating for a reason that we should be thankful for because these are folks who care.”

McDowell acknowledged that the hearts of some longtime city officials weren’t “beating as hard as mine, but it beats hard for this city.”

McDowell said he will take credit when it is deserved and “apologies where necessary will happen.”

McDowell said he will work to make his administration transparent and wants to be held accountable.

“Our emotions are high and our initiatives are imperative to the city,” he said.

McDowell added: “Transition is challenging for our community. We ask for a little bit of grace and mercy,” and “our best efforts will be made and that’s what you’ll get from me and my Cabinet.”

Wednesday was the first council meeting with McDowell as mayor and a number of new members of his administration, including police Chief Sharon Cole and fire Chief Courtney Kelly, the first women to ever hold those positions in the city’s history.

Councilman Julius Oliver, D-1st Ward, said there is speculation that he is going to oppose McDowell. But on Wednesday, Oliver pledged his support to the new mayor.

MAHONING BANK PROJECT

Among the legislation approved Wednesday was a series of resolutions and ordinances to give a 15-year, 100% tax exemption and allow the financing of energy upgrades through a special assessment to the former 13-story downtown Mahoning National Bank Building undergoing an $18.5 million improvement project.

The tax forgiveness, under a Community Reinvestment Area agreement, could also be extended another 10 years.

22 Market Street Ohio LLC of Monroe, N.Y., purchased the 85,000-square-foot, 115-year-old Mahoning National Bank Building, on the city’s Central Square on Market Street between Boardman and Federal streets, for $2.3 million in December 2022.

The building, one of the main structures downtown and listed on the National Register of Historic Places, was a bank for decades — most recently Huntington Bank.

The owners are working on an $18.5 million improvement project that will include 71 apartments – a mixture of studios, one-bedroom and two-bedrooms – on the fifth to 13th floors.

The first floor, which has a scaled-down Huntington branch, will be available for retail space, including a possible restaurant or coffee shop.

The second to fourth floors will be commercial space with professional offices, several of which have been in the building for years such as lawyers, accountants and title agents.

In addition to the tax forgiveness, 22 Market Street Ohio LLC is seeking approval from city council for an Energy Special Improvement District.

The building’s owner is planning $5,492,388 in energy-efficiency work to the structure. That work includes boiler and chiller replacements, an air distribution system and energy-efficiency lighting.

Overall, it is seeking $5.9 million – with the rest for financial expenses and legal fees, among other items – through the ESID.

Under state law, the city has to authorize the ESID, but serves as only a pass-through for the money.

Nuveen Green Capital, a Darien, Connecticut, venture capitalist firm that focuses on commercial real estate, will loan the $5.9 million to 22 Market Street Ohio.

Starting Jan. 1, 2027, 22 Market Street Ohio would spent the next 30 years paying two annual special assessments of $287,872.49 to Mahoning County with the money turned over to Nuveen Green as repayment of the loan.

Over the 30 years, with 8.64% interest, 22 Market Street Ohio will pay $17,272,349.40 for that $5.9 million in upfront money to Nuveen Green.

If the building owner were to default on the loan, the county could foreclose on the property, which provides an assurance for Nuveen Green.

The project is about $2.5 million short, including a $2 million state tax credit it can’t receive until after it is completed.

A city grant of $500,000 was discussed at a Nov. 17 council committee meeting.

Finance Director Kyle Miasek said Wednesday that the administration is evaluating that request and will ask council in the next few weeks to approve legislation seeking financial assistance for the project.