CIC Board Discusses Real Estate in Closed Session

YOUNGSTOWN, Ohio – The board of the Youngstown Central Area Community Improvement Corp. spent some 40 minutes in executive session discussing downtown real estate Tuesday before returning to open session to devote 12 minutes to reviewing routine business.

Under the Ohio “Sunshine Act,” public and quasi-public boards are allowed to meet privately to discuss the sale and purchase of real estate and to discuss the hiring, firing and discipline of personnel as well as collective bargaining.

During the short open session, the CIC’s chief financial officer, Bruce Luntz, reported profits this fiscal year-to-date are $12,600, below the $18,000 at this time a year ago because of fees paid for legal and financial advice.

Revenues derived from parking lots the CIC owns “are down, nothing substantial,” Luntz continued, because of lots closed for repairs but he expects revenues at the close of fiscal 2017 (ends June 30, 2017) should be in the $30,000 to $40,000 range.

Work on the parking lots, added CIC President Tom Humphries, also president and CEO of the Youngstown Warren Regional Chamber, went well with the surfaces “sealed and cleaned up.”

The chamber administers the CIC under contract.

Work on “Tech Block 5,” the former Vindicator Building sold to the Youngstown Business Incubator, is going well and should open on schedule, reported Dave Kosec, building manager for the chamber.

Work on the $5.7 million project is “midway to two-thirds” complete, he said, and the building should open “at the end of March or early April.” The next three months will be spent on electrical work.

Copyright 2024 The Business Journal, Youngstown, Ohio.