Former ITAM Club Could Become Banquet Center
YOUNGSTOWN, Ohio -- In less than three months, the shuttered ITAM American Club, 113 South Meridian Road, could reopen as a banquet center and catering business, its prospective owner says.
John Zeoli said he plans to renovate the 12,500-square-foot building and transform it into a banquet center and lounge that would be suitable for weddings and other catered events.
"It's a heck of a building," Zeoli said after he presented his project before the Youngstown Initiative Committee Thursday. "I'd hate to see Youngstown lose it."
The new business, Giovanni's Catering and Banquet Hall, would also accommodate a new bar named Z's Lounge and an outdoor patio, Zeoli said. "It's going to be a beautiful hall when it's done."
Late last year Zeoli filed a lien on the building, forcing it into foreclosure, and is now working with his lender to acquire the property and begin work, he told the committee.
The building requires extensive renovation because it sustained a significant damage while in foreclosure, he related. "The commodes were shattered and some copper piping was stolen," Zeoli noted.
Other work needed includes a new HVAC system, new roof, blacktop, landscaping and a complete redesign of the interior, Zeoli said.
Costs for the renovation project stand at $909,979. Under the initiative program, the city would chip in 10%, or in this case, $90,979.
The committee recommended that the project be approved.
Zeoli told the board that work would begin immediately after his financing is approved, which could be as early as next week. The new banquet hall could open for business with 10 employees in 3½ months. "It should be done by the third week of October," he said.
Finance director David Bozanich suggested that Zeoli apply for tax incentives through the city's enterprise zone program to offset any readjustment of property taxes once the work is finished.
And, the city's economic development director, Sharon Woodberry, advised that Zeoli examine other initiatives available through the city, such as its façade grant program.
The initiative committee also approved two other projects at its meeting Thursday.
The committee gave the go-ahead for Precision Property, a landscaping business that wants to expand and construct a new building at 3449 McCartney Road. Costs for that project stand at $115,260 with a city commitment of $11,526.
And, Common Wealth Inc. is looking to invest $631,489 to develop a kitchen incubator at 907 Elm St. The money would be used to remodel space in the building and install a thermal processing line that would allow small-business owners to operate food-related enterprises.
The committee agreed to a 15% commitment to the project, or $94,723.
Common Wealth's Pat Rosenthal told the committee that she hopes the new line would be up and running by Thanksgiving, in time for the holiday season, provided it receives certification from the state of Ohio for the project. The thermal processing line would be used for products that are "canned" such as salsas or spaghetti sauces. "It would be all of those products that require heat or sealing," she said.
The incubator serves as a vehicle for entrepreneurs and local farmers to sell cooked or baked goods to the public, Rosenthal said, adding that part of the incubator's goal is to see these small businesses grow and then relocate somewhere in the city.
Or, noted Common Wealth representative Arnold Clebone, it gives these entrepreneurs the ability to start selling to grocery stores or restaurants. "Eventually, that would be a nice to have them outgrow this,” he said, but they're going to be starting small.”
Copyright 2013 The Business Journal, Youngstown, Ohio.
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