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City Approves Deal with CIC on Downtown Properties
YOUNGSTOWN, Ohio -- The city’s Board of Control approved an agreement Thursday with the Youngstown Central Area Community Improvement Corp. to purchase the Kress property downtown for $500,000, a deal that will also result in upgrades to two other downtown properties.
The agreement, which the board approved at its final regularly scheduled meeting of 2013, calls for the CIC to demolish the Kress Building and provide a compacted finish for the site and coat it with 10 inches of slag. “They have a contractual responsibility to provide the site in a certain condition,” said David Bozanich, city finance director.
The agreement also calls for leasing the site of the former Paramount Theater to the CIC for 20 years at $100 per year, with a renewal option for an additional 20 years as well as an option for the CIC to purchase the site at fair market value.
In additional, the agreement requires the CIC to construct a façade and parking lot on the site of the former Armed Forces Building and State Theater – a vacant hole for years since its demolition -- which are also owned by the CIC. The site will be used for access and equipment storage for the proposed renovation of the Wells Building and won’t be available for parking until after June 2014. The parking lot and façade must be completed by Dec. 31, 2014.
Bozanich described the deal as between “two community-based organizations trying to significantly improve the aesthetics” of the West Federal Street corridor.
“The end result will be there will be a significant aesthetic improvement,” he said. “You will have the hole filled in, there will be some type of façade which has been approved by the design review committee, there will be additional parking at the Kress and it will make it an easier ingress and egress for people accessing the enterprise functions at City Hall.”
“The agreement will result in multiple benefits to downtown,” said Anthony Farris, law director. “Their rent is relatively low but they’re going to do all this other work that will benefit the downtown that costs money. It’ll all turn out for the good.”
Without the city playing a role, the improvements would be delayed or put off indefinitely, Bozanich insisted. “The CIC told us that. They can’t make this happen on their own,” he said. “I know I’m tired of looking at the hole.”
Additionally, the board approved a $20,000 façade renovation grant for Suzie’s Hot Dogs & Drafts, 34 N. Phelps St. The estimated $53,396 project will include demolitions of the existing façade, installation of sectional doors, relocation of the front entry door, installation of exterior tile and trim, and installation of new window sills.
The new restaurant, which will be operated by O’Donold’s Pub & Grille owner Christian Rinehart, is expected to create 42 jobs over three years. An opening is anticipated during the first quarter of 2014, said T. Sharon Woodberry, city economic development director.
Thursday’s meeting was its final regularly scheduled meeting before the end of Mayor Charles Sammarone’s term, although the mayor said a special meeting might be called to pay some bills before his term concludes. The former president of City Council became mayor after his predecessor, Jay Williams, was selected as director of the U.S. Office of Recovery for Auto Communities and Workers. Sammarone won reelection as city council president in November.
Copyright 2013 The Business Journal, Youngstown, Ohio.
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