CIC Initiates Sale of Historic Thompson Building in East Liverpool

EAST LIVERPOOL, Ohio – The sale of the historic Thompson Building in the city’s Diamond area, for $1, was initiated by the Community Improvement Corp. during meetings Thursday.

The CIC property committee met first to consider a purchase and sale agreement between the nonprofit agency and CE-Thompson Building LP, a Pennsylvania limited partnership held by businessman Craig Cozza, owner of The Vault on Fifth Street. 

Bill Cowan, CIC executive director, presented a copy of the agreement, which calls for the CIC to sell the building to the developer and award him $186,000 in grant funding to be used for general construction and facade improvements, with $86,000 coming from the CIC facade grant program and $100,000 in AARP grant funding, which is provided as a local match.

The Transformational Mixed-Use Development Program, aimed at renovating the landmark structure, has an estimated cost of $2,179,500, with Cozza contributing $333,495.

Also earmarked for the renovation are $414,105 in Ohio Historic Tax Credits, $435,900 in Federal Historic Preservation Tax Credits, $600,000 in Vibrant Communities Grant funding, $10,000 in Columbiana County Beautification Grant funding and $200,000 in TMUD funding.

The sale includes adjacent Market Street property, formerly the site of Paul Arrow Pants Shop. The CIC purchased that retail store in November 2022 for $35,000, which included two empty lots on St. Clair Avenue, later paying $45,000 to demolish the former store, which members said is vital to the Thompson Building renovation project.

Before the vote on the measure, Connie Javens, CIC Board of Trustees member, questioned the committee about a clause stating the $100,000 in CIC funding would be paid to the purchaser “at time of closing,” saying she had concerns about money paid out before work begins.

Cowan and Law Director Charles Payne, both also members of the CIC, explained finalization of the purchase contract is contingent upon grant and development agreements being reached.

“If those agreements aren’t reached, this agreement doesn’t close,” Payne said. “The terms of those agreements will be brought before the board.”

The purchase agreement contains a due diligence period of 60 days, during which the purchaser can decide to terminate the agreement.

Javens also questioned whether the CIC would be responsible for prorated taxes for 2024.

“If there are taxes due, we will have to pay them,” Payne said.

The property committee voted 4-0 in favor of recommending that the full board of trustees approve the purchase agreement, and the board met immediately following the committee session. 

Board member Craig Stowers asked whether there are multiple investors in the renovation project. “There is one developer,” said Patrick Scafide, CIC president.

The board voted unanimously, with member Scott Shepherd, who serves as project architect, abstaining. Javens voted in favor of the purchase agreement, saying after the meeting she was satisfied with the answers to her concerns provided by Payne and Cowan.

After the meeting, Shepherd said the tax credits assigned to the project go to the developer, who can draw down from them and, once the project is complete, there will be nothing left of the tax credits. 

He said those involved with the project would like to get construction started this fall, and that preparing the aging building to withstand the winter will be the top priority. 

Shepherd estimated the project could be completed within nine to 12 months once a new roof is installed. “Most of it is cosmetic work. We’ll be living with the existing plaster and trim because that’s part of the tax credits,” he said, referring to requirements for retaining historical materials.

“It’s good to see this moving along,” Cowan said.

After the meeting, Scafide gave credit to former mayor Greg Bricker. “He did a lot of hard work putting together this project,” including securing much of the grant funding.

The building is being eyed for several uses, including office, living and retail space once renovations are completed.

Copyright 2024 The Business Journal, Youngstown, Ohio.