Tuesday, December 02, 2014YOUNGSTOWN, Ohio --At its meeting Wednesday night, City Council will consider additional support for the renovation of the Wells Building downtown.
On the council agenda is an ordinance to enter into an enterprise zone agreement with Wells Associated Renaissance Partners LLC and Strollo Architects Inc., who are renovating the building that will be the new offices for the architectural firm and apartments. The ordinance calls for providing a 10-year tax abatement of 75% on real property taxes for the $5.04 million project, which is projected to create two jobs within three years and retain 18 others.
The downtown architectural firm is on the sixth floor of the city-owned 20 Federal Place.
Last month, the city Board of Control approved a development agreement that provides a $100,000 performance grant and a $520,000 water/wastewater grant to support the project. In 2011, the project was awarded a $1 million state historic preservation tax credit.
Additionally, council will consider the sale of two parcels on Wilson Avenue for $10 each to Niki Datri Enterprises. The two parcels, which combined are nearly 0.3 acre, would be used for economic development purposes, according to the legislation.
Niki Datri Enterprises operates Youngstown Auto Wrecking, said T. Sharon Woodberry, city economic development director. “They have a pretty significant presence there and have done a lot in terms of improving the landscape there,” she said. The company, which has been acquiring land though the Mahoning County land bank program, inquired about buying the vacant and overgrown land, were it contiguous to property it already owns.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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