Downtown CIC Re-elects Officers, Adopts Budget
YOUNGSTOWN, Ohio – The Youngstown Central Area Community Improvement Corp. re-elected its leadership Thursday and adopted a fiscal 2017 budget of just more than $1 million.
G. Richard Pavlock, retired senior vice president at the former First Place Bank, was re-elected chairman of the CIC board, James D. Miller vice chairman, Richard J. Schiraldi treasurer and Patricia C. Syak secretary.
Miller is the retired owner of Midwest Safety Systems, Schiraldi a partner in the Youngstown office of Cohen & Co. Ltd., and Syak is executive director of the Youngstown Symphony Society.
Carl Avers, Pavlock, Schiraldi and Syak were reappointed to three-year terms on the board. Avers, CEO of Youngstown Thermal Ltd., has been on the board 16 years, Pavlock 22, Schiraldi 24 and Syak 19.
The board adopted the fiscal 2017 budget of $1.022 million the financial officer, Bruce H. Luntz, presented. The 2017 budget projects a profit of $63,000, Luntz said, a swing of $118,000 from last year.
Roughly 90% of its revenues will come from the lease income from the George V. Voinovich state office building (about half), 7th District Court of Appeals Building and Children’s Services Board Building. Parking lot fees, which will make up the other 10%, rose in fiscal 201, he said.
Debt service will be smaller in 2017 and legal fees will be lower, Luntz said.
During the last year, the Court of Appeals spent $40,000 from its own budget on improvements and repairs, Children’s Services, $10,000, Luntz informed the board.
The board discussed the status of buildings and parking lots in the downtown the CIC does not own, Tom Humphries emphasizing that their status is “hearsay.” Humphries, who sits on the board, is president and CEO of the Youngstown Warren Regional Chamber. The chamber administers the CIC under contract.
Discussions continue with parties that have expressed interest in The Armed Forces/State Theatre properties, which the CIC does own, Dave Kosec, said. Kosec is building manager for the Regional Chamber.
Copyright 2022 The Business Journal, Youngstown, Ohio.