Council Approves MOU With 20 Federal Place Developer
YOUNGSTOWN, Ohio – City Council on Wednesday approved legislation that allows the city’s Board of Control to enter into a memorandum of understanding with a Pittsburgh architectural firm that could potentially redevelop 20 Federal Place downtown.
Council approved entering into an MOU with Desmone Group, an architectural firm the city has worked with since the summer.
Representatives of Desmone Group and Steadfast City Economic & Community Partners, St. Louis presented plans for the building during a virtual meeting Nov. 18 of the community planning and economic development committee.
Those plans include developing a rooftop restaurant, observation deck, apartments and office space.
Council on Wednesday also voted to table a vote regarding a $2 million float loan to support 802 Elm Development LLC’s redevelopment of the building that formerly housed Dorian Books.
The matter was moved to council’s community planning and economic development committee.
Mazzarini Real Estate Group, Pittsburgh, owns about 80% of 802 Elm Development, T. Sharon Woodberry, city economic development director, said at a council finance committee meeting Monday. The building sits at the corner of Elm Street and Madison Avenue near the YSU campus.
The real estate company intends to develop a deli offering fresh fruits, produce and other staples on the ground floor and eight four-bed, furnished apartments on the upper two floors.
The developer is in the process of purchasing the Elm St. property and wants to close on financing for the project by the end of the year, Woodberry said.
The city would loan $2 million to 802 Elm Development for up to 12 months at 0.25% interest. The loan would be backed by an irrevocable letter of credit from Premier Bank, the lender the city is working with, according to Woodberry. The plan is to redevelop the property within seven to eight months, before Youngstown State University begins the fall 2022 semester.
Council members also gave a second reading to a measure authorizing the Board of Control to enter into a $300,000 grant agreement with Transportation Alternatives Program for roadway improvements along Walnut Street from Front Street to Commerce Street, and along Boardman Street stretching from Walnut to Market Street. Another measure for a $1.3 million grant was given a first reading. Total cost of the project is about $2.9 million.
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