YOUNGSTOWN — The city saved $9,500 in interest on money it borrowed to pay loans for the city hall annex project through the use of a state treasurer’s program.

The Ohio Market Access Program leverages the state’s money and high credit rating to improve market access to lower interest loans for local governments.

The city has used OMAP since 2016 for loans for the Covelli Centre — the loan was paid off in January 2024 — and for the city hall annex for a savings of about $400,000.

“It’s been a great savings for the city to use this program and get a lower interest rate,” said Kyle Miasek, city finance director.

The city hall annex project that was finished in 2018 moved the municipal court, clerk of courts and other offices from the second floor of city hall at 26 S. Phelps St. to the annex at 9 W. Front St.

The project’s total cost was about $8 million with the courts providing about $2.4 million from a special court fund. The city borrowed the remaining $5.6 million.

With a recent payment of $500,000, the city owes $1.9 million for the annex project.

The city made its final payment in January 2024 on an $11.9 million loan it took out in 2005 for its portion of the $45 million Covelli Centre construction project.

OMAP leverages the state’s excess liquidity and high short-term credit rating to help provide lower-interest loans to local governments.

Since it started in 2014, OMAP has supported more than 415 deals for local governments. There have been no defaults and OMAP has helped local governments save more than $5.9 million in interest, according to the treasurer’s office.

State Treasurer Robert Sprague said: “Through OMAP, local governments can take advantage of the Buckeye State’s high short-term credit rating to save on interest costs while making important improvements in their communities.”