City Approves Service Agreement with 20 Federal Consultant
YOUNGSTOWN, Ohio – Youngstown officials approved a new service agreement with Steadfast City Economic & Community Partners, the firm it has been working with on potential redevelopment and sale of the 20 Federal Place building.
The agreement, which the city’s Board of Control approved at its meeting Thursday morning, calls for paying St Louis-based Steadfast $200 per hour – up to $25,000 total – for technical and strategic counsel on matters including, but not limited to, matters pertaining to 20 Federal’s redevelopment.
The city began working with Steadfast in 2020 though an initiative funded through the Appalachian Regional Commission to assist the city with the sale and redevelopment of the 332,000-square-foot building.
“We’re deep into the financial analysis and working with the city and the developer on looking at potential investment and financing scenarios,” involving both private and public capital sources, said Doug Rasmussen, Steadfast CEO and managing partner.
In December, the city approved a memorandum of understanding with Desmone, a Pittsburgh-based architectural firm, to potentially redevelop the city-owned building. The firm presented a redevelopment concept to City Council’s finance committee that proposed creating a multipurpose space that included a rooftop restaurant, observation deck, apartments and office space.
The language in the agreement approved Thursday allows Steadfast to work on matters beyond 20 Federal. It was included primarily to let Steadfast address issues that might come up involving adjacent properties without having to come back to the city for permission, he said.
“We will see where we’re at” when Desmone’s 60-day exclusivity period concludes toward the end of February, he added. “We’re just trying to find a path here looking at the financial feasibility and seeing how we can put this deal together.”
Copyright 2022 The Business Journal, Youngstown, Ohio.