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YOUNGSTOWN -- The city's board of control signed an option agreement for the potential development of a business technology park on Exal Court as well as deals to install gas and electric lines there.
The board voted 2-0 Thursday on the three items regarding the potential economic development project. The board consists of Mayor Derrick McDowell, Finance Director Kyle Miasek and Law Director Adam Buente. Buente was absent.
The board agreed to approve an option agreement with Top Property Holdings LLC of North Lima and the Western Reserve Port Authority that permits the city to transfer about 12 acres on Exal Court in the Salt Springs Road Business Park to be "potentially purchased and developed as an industrial park to be known as the Youngstown Technology Park."
The WRPA on July 15 approved a preliminary deal to issue bonds to Top Property for this project.
The agreement would allow the city to transfer the property to the WRPA, which would then sell it to Top Property for $205,580.
Top Property is interested in developing the Youngstown site with the board of control approving a $1.19 million contract on July 16 for sanitary sewer work by that location.
The agreement signed Thursday gives Top Property the right to execute a purchase for the property should the company decide to develop it. It doesn't include any specific milestones, and gives Top Property the option to buy the location.
Top Property's interest in the site was publicly disclosed at the May 12 council committee meeting.
The developer approached the city about six months prior about the site, Miasek said at that May 12 meeting.
Top Property could develop about 200,000 square feet of buildings, each about 40,000 to 50,000 square feet in size, at the location, though it would start with one structure, city officials said.
Top Property Holdings developed the 45-acre North Jackson Commerce Park that landed its first tenant, aluminum manufacturer Shapes Unlimited, earlier this year at an 80,000-square-foot building.
Also Thursday, the board approved paying $363,909 to Enbridge Gas Co. to install a gas line and $35,000 to FirstEnergy to install an electric line at the Exal Court location.
Marucci & Gaffney Excavating Co. of Youngstown will install a pump station at the Exal Court site for $1,190,320.
Charles Shasho, the city's deputy director of public works, said the pump station needs gas and electricity and with the lines installed, "they will be accessible to anyone. These are main lines extending to Exal Court for any potential development."
The pump station project should start shortly and will take up to 120 days to complete, Shasho said.
Shasho said: "We're moving along with the project. Everything is going well."