Enclave Project Gets $4M Float Loan, $500K Water Grant
YOUNGSTOWN, Ohio – The city’s Board of Control has finalized a $4.5 million incentive package to assist The Enclave, a new student housing and retail center being developed at Youngstown State University.
The board approved a development agreement Thursday between the city and Youngstown Campus Associates LLC, a subsidiary of LRC Realty, Akron, which is developing the $16 million project.
LRC broke ground last month on the project, which will consist of a 65-unit, 194-bed student housing component and 11,000 square feet of retail space.
The development agreement includes a 15-year, 100% abatement on real property taxes for the residential portion of the project, a $500,000 water/wastewater grant, and a $4 million float loan for a one-year term at 0.25%.
The float loan is backed by a letter of credit the city can call in at any time for repayment, said Mark D’Apolito, assistant law director.
The board of control separately approved an enterprise zone agreement that provides a 10-year, 75% abatement on real estate improvements for the retail portion of the project.
City Council approved the incentives this summer.
According to the terms of the development agreement, Youngstown Campus Associates committed to creating eight full-time and four part-time positions at the residential complex by August 2018, when the student-housing complex is slated to open. An additional 12 full-time and eight part-time workers are anticipated by August 2019.
Pictured at top: Rendering of The Enclave.
Copyright 2024 The Business Journal, Youngstown, Ohio.