YOUNGSTOWN — The Youngstown Board of Education has received a request from a consulting firm for a 15-year, 90% Community Investment Area tax exemption regarding developing the former Mahoning Bank Building.

During its regular meeting Tuesday at Youngstown Rayen Early College High School, the board heard a presen-

tation from Dennis McAndrew, president of Cleveland-based Silverlode Consulting Corp., which is assisting with an $18.5 million mixed-use redevelopment project to the 13-story downtown structure that was built in 1910 and is on the National Register of Historic Places but has been largely vacant for several years.

The company needs the board of education’s approval for the request, though no vote was taken at Tuesday’s session.

A few months ago, the Youngstown Board of Control, made up of the law director, mayor and finance director, approved an economic development agreement in which 22 Market Street Ohio LLC received a $500,000 site grant. The New York-based investment firm bought the downtown building, 26 Market St., in December 2022.

In addition, the developers were awarded a $2 million historic preservation tax credit two years ago, as well as $1.4 million through Ohio’s Transformational Mixed-Use Development program.

TMUD provides a tax credit against eligible expenditures paid or incurred during development of such a real estate project, which includes new construction and/or improvements to eligible vacant buildings, its website shows.

In his presentation, McAndrew outlined the $10 million construction aspect of the project, noting that the ground floor will retain a bank branch and possible coffee and sandwich shop, four floors will be devoted to office space and the remaining eight floors will contain 71 studio, one- and two-bedroom apartment units that could be finished in the next year or two.

Underway is demolition and environmental remediation that includes asbestos and lead removal from the 116-year-old structure, McAndrew said.

Also, the project supports about 50 construction jobs, creates office space for roughly 150 additional positions and will provide residences for more than 100 individuals. Additional benefits include preserving current property tax revenue for the district while generating an estimated $42,000 in annual real estate dollars, spurring new nearby development and lifting property values, McAndrew explained.

“It will attract new capital to the area,” he said.

In response to a question from board President Juanita Walker, McAndrew said that the 50 jobs likely will entail the local workforce.

He also told the board that the undertaking needs its support and that of others because of escalating construction costs, high interest rates and a tight lending environment.

CHOFFIN UPDATES

In his report, board member Joseph Meranto offered an overview of Choffin Career & Technical Center’s offerings, saying that the five-star facility’s adult education program is running three certified nurse’s aide courses this summer. Most of those enrolled in the classes are high school and college students, he said.

Also, adult education has expressed a desire for a “designated point of contact” from Treasurer Michael A. Rock in an effort to secure “more open communication with the treasurer’s office” regarding the new high school and the adult-education program, Meranto added.

In addition, feedback was generated that pertains to having local artist Pat McGlone paint mural renderings on the outside of Choffin this summer, he continued.