Developers struggle to get financing for First National Bank building downtown
Three men from New York City sat amongst Youngstown City Council's Community Planning and Economic Development Committee meeting, touting their plan to redevelop the First National Bank building downtown.
'This is a beautiful, beautiful building and it's an important part of Youngstown's history,' said Patrick Ciccone with FNB Youngstown.They plan to spend $10 million renovating the 96-year-old building into apartments, condos and office space. They've secured historic tax credits of $2 million which must be used within 18 months but they're having trouble getting a loan.
'There is skepticism in the lending community at large about housing in downtown Youngstown, period, which I think is one of the hurdles we're trying to overcome,' Ciccone said.The developers wanted the council's approval to make the building a Community Reinvestment Area, which would give them 12 to 15 years of no property tax on the increased value of the improvements they plan to make.
'It is very difficult to make it work without some form of support from the city,' said Ciccone. Councilman Julius Oliver was surprised they were having issues with financing. Oliver says downtown has improved.
'A major corporation moving its headquarters in Steelite into downtown Youngstown, securing an innovation center is a $26 million investment already,' Oliver said. Approving a Community Reinvestment Area will not cost Youngstown any money out of pocket which may be one reason no council member spoke against the idea. Councilman Mike Ray asked that the city administration draw up the legislation so the full council could approve it as quickly as possible.
It was noted that the First National Bank building is currently only 40 percent occupied and the bank does plan to continue occupying the first floor. The developers could not say when the project would begin or when it would be finished.
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