YOUNGSTOWN, Ohio – The city’s Board of Control hired the law firm that previously assisted with financing for the Stambaugh Building to protect the city’s interests in redevelopment of 20 Federal Place.
The agreement approved Thursday morning calls for paying $25,000 to Bricker Graydon LLP, which has offices across Ohio, to provide legal services for negotiations and documentation of financing mechanisms for redevelopment of the city-owned building that 40 years ago was Strouss’ downtown department store.
In December, the city entered into a memorandum of understanding with Dallas-based Bluelofts Inc. to help redevelop the building, which underwent renovation and environmental remediation funded largely by a nearly $7 million state grant.
City Finance Director Kyle Miasek said he wanted to make sure someone was looking out for the city’s interests and to ensure any agreements met state and city legal requirements.
“This is outside the scope of anybody in our law department,” he said. He became familiar with Bricker Graydon two years ago, when the firm served as lead counsel on the Property Assessed Clean Energy – or PACE – loan for the Stambaugh Building, and he was “very comfortable with their knowledge and expertise.”
The plan Bluelofts submitted to the city last year proposes a $57 million redevelopment project that includes a mix of student, multifamily and penthouse units, ground floor retail, e-commerce and mini warehouse space, medical suites and a wellness hub.
Upon completion of a housing study, which Miasek said he expects to be complete in two weeks, Bluelofts “will be able to update the financial model based on the information that the study provides” with regard to occupancy and proposed rents.
“Once we have that document, we will then discuss the different paths the city could take with the administration going to council and pitching how we may be participating in that project,” he said.
Other Business
In addition, the board approved a nearly $2.8 million contract with Parella-Pannunzio Inc., Austintown, for upgrades to East Boardman and Walnut streets downtown.
The work will include new curbing, road diets and “minor streetscaping” on East Boardman from Walnut Street to Market Street, and on Walnut from Front Street to Federal Street, including the conversion of a now-blocked section of Walnut into steps from the existing street, said Charles Shasho, the city’s deputy director of public works.
The goal is to have the work started by July 4, but it could begin as early as May, Shasho said. The same contractor is finishing up work on Federal Street now and might want to move right into the Boardman-Walnut project.
The intent is to have the project substantially completed this summer, though the city might consider holding off until spring to place the final coat of asphalt.