YOUNGSTOWN, Ohio – The owner of a building rented by Zoetic Global has sued the company, seeking $527,864 and citing breach of contract.
JPS Ventures filed the lawsuit Wednesday in Mahoning County Common Pleas Court against Zoetic, which formerly rented a portion of the JPS-owned building at 360 E. Federal St.
Under the five-year lease that began in March 2023, Zoetic was to pay $10,093 per month in rent, as well as utilities. Zoetic vacated the space April 7 without notice to JPS, according to the lawsuit.
It says that at the time the company vacated the building, Zoetic owed the landlord $91,953. To delay JPS from pursuing legal recourse, Zoetic agreed to a $100 per day late fee to be accrued beginning in March until the balance was fully paid, the lawsuit says. As of the filing of the suit, the amount of late fees was $6,900.
It also says Zoetic is in default in its obligation to pay utilities, which total nearly $24,000.
“In this regard and in addition to the monetary amounts … [d]efendant owes JPS” $333,093, according to the lawsuit.
JPS also said in the lawsuit that Zoetic caused damages to the premises and that JPS has been required to spend $72,500 to fix the damages.
Zoetic, which develops technology used to deliver clean, reliable energy to communities, hosted a ribbon-cutting ceremony last July to inaugurate its East Federal Street plant.
More than 200 people attended the event, including basketball legend Julius “Dr. J” Erving and former U.S. Rep. Tim Ryan, who was Zoetic’s chief global business development officer at the time. He is no longer with the company.
Pictured at top: The JPS-owned building at 360 E. Federal St.