Economic Development

Signatures Ink Complex Financing for Downtown Hotel

WARREN, Ohio – Anthony Trevena was expecting several people to have writer’s cramp yesterday. That’s because multiple documents needed to be signed to finalize the deal for the proposed DoubleTree by Hilton hotel in downtown Youngstown, Trevena said. Trevena is director of the Northeast Ohio Development and Finance Authority, the economic development arm of the […]

Broadband Initiative Wins ‘Connect Ohio’ Award

YOUNGSTOWN, Ohio – A roadmap to provide free broadband access throughout Mahoning County could be complete as early as May, Sarah Lown said Wednesday. Two weeks ago, Lown, who is public finance director for the Northeast Ohio Development and Finance Authority, and Pat Kerrigan, executive director of the Oak Hill Collaborative, were informed that their […]

Energy Infrastructure Is Vital but How to Pay for it?

WARREN, Ohio – The need to build and improve the nation’s energy infrastructure is a nonpartisan issue with widespread support but exactly how those investments should be funded is a political question still to be resolved. That was the consensus Tuesday during a panel discussion, Fueling America’s Future: Accelerating Energy and Transportation Infrastructure, hosted by […]

Wean Foundation Awards $900,152 in Grants

WARREN, Ohio — The Raymond John Wean Foundation awarded grants totaling $900,152 at its December board meeting, making this the foundation’s largest grant-making quarter of the year. The work represented by the five grantees represents community revitalization, access to educational opportunities and the creation of economic opportunity in the Mahoning Valley, said Jennifer Roller, president […]

Exterran Subject to ‘Clawback’ on $300K Grant

YOUNGSTOWN, Ohio – The Ohio attorney general’s review of companies receiving state incentives during 2015 found nearly 85% “substantially complied” with their agreements, but those that did not may have to reimburse the state. Just one Mahoning Valley company – Exterran Energy Solutions Inc., a victim of the downturn in the oil and gas market […]

‘Last Piece of Puzzle’ for $30M Hotel Project

YOUNGSTOWN, Ohio – Financing will close within 12 days for the proposed DoubleTree by Hilton hotel, following City Council’s approval of $2.75 million in loans for the project, developer Dominic Marchionda said. At last night’s meeting, council approved a $2.05 million bridge loan and a $700,000 term loan for the project, which will involve converting […]

Council OKs Establishing Fund for Amphitheater

YOUNGSTOWN, Ohio – City Council last night approved establishing a $12 million fund for development of a downtown amphitheater and riverfront park. The city intends to spend up to $9 million on the project, finance director David Bozanich told the finance committee meeting before last night’s council meeting. To be built on the former Wean […]

Identifying Amphitheater Funding on Council Agenda

YOUNGSTOWN, Ohio – City Council will consider legislation Wednesday that would advance the proposed amphitheater and riverfront park project near downtown. Before council will be one ordinance authorizing the city’s finance director to establish an “amphitheater park fund” of up to $12 million for the project and another to purchase 1.2 acres of land from […]

City Won’t Seek 100% Tax Break for Hotel Project

YOUNGSTOWN, Ohio – Youngstown will not seek approval from the Youngstown Board of Education to provide a 100% tax abatement for 15 years to the developers of a new hotel downtown, city officials confirmed Monday. Instead, the city will offer a 10-year, 75% tax abatement to Youngstown Stambaugh Hotel LLC, which is converting the Stambaugh […]

Wick Park Project Advances with City’s Help

YOUNGSTOWN, Ohio — The city Board of Control has approved entering into a memorandum of understanding with Youngstown CityScape and the Youngstown Rotary Foundation for the second of five $20,000 installments it is making toward modernizing the pavilion in Wick Park on the North Side. The board – Mayor John McNally, Finance Director David Bozanich […]

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