WARREN WRAP sells Chieffo's building

WRAP bought the property earlier this year at auction.
THE VINDICATOR, YOUNGSTOWN
By DENISE DICK
VINDICATOR TRUMBULL STAFF
WARREN -- Officials expect the city to recoup most of the money from a loan to a former restaurateur through the sale of the building.
Trumbull County Auditor's office records indicate the former Jimmy Chieffo's restaurant, Youngstown Road, was sold for $259,000 to Lam Tran Inc. of Niles. The sale was finalized Tuesday.
Lam Tran Inc., has the same mailing address as Yamato Japanese Restaurant, Niles, but company officials couldn't be reached about its plans.
Warren Redevelopment and Planning bought the property at auction earlier this year for $230,000 after the restaurant, which had operated since 1979, closed.
Chieffo, the former restaurant owner, owed the city about $36,000 on a 1997 loan when the business closed its doors. The business owner received a $50,000 loan from the city and made about $14,000 in payments.
WRAP bought the property at auction to ensure it was sold at a high enough price so the city could recoup its loan money, said Michael Keys, WRAP executive director.
Lien holders
Second National Bank was the first lien holder and was owed $200,000 on the building. The city was second on the list to be paid back with the sale.
"We saved the building, got a good tenant in there, and the city recovered most of its money," Keys said.
Tony Iannucci, WRAP treasurer, said that Trumbull County also had a $5,100 sewer assessment on the property so the city will get about $44,000 of its $50,000 loan.
"We were attempting to get back all of the money loaned by the city," he said. "We weren't trying to make any money. We wanted to get a good business in there that conforms with the character of the [U.S. Route 422] strip."