YOUNGSTOWN Tenant will soon own city building

Pat Pico has been working with the CIC since October to find space downtown.
By MARALINE KUBIK
VINDICATOR STAFF WRITER
YOUNGSTOWN -- Ballet Western Reserve will soon own the building it occupies, and a new tenant could take possession of another downtown building by the end of the week.
The property committee of the Youngstown Central Area Community Improvement Corp. approved the sale of the Morley Center -- the old Elks building -- 218 W. Boardman St., to Ballet Western Reserve during a meeting Tuesday morning.
Ballet Western Reserve has fulfilled the terms of its six-year rent-to-own agreement, which included major renovations, and is the third entity to complete such an arrangement with the CIC.
Owners of the Downtown Draught House and Plaza Optical also obtained their buildings through rent-to-own agreements with the CIC.
Ballet Western Reserve and The Oakland Center for the Arts occupy the Morley Center; Ballet Western Reserve on the first floor, The Oakland Center on the third floor. Renovations are under way on the second floor.
Insurance Center
Another CIC building, next to Home Savings and Loan on Federal Plaza West, is getting a new tenant, possibly as early as Friday.
The property committee voted to give The Insurance Center of Youngstown Inc. possession of the building, which formerly housed the Health Food Center, as soon as an agreement is signed and utilities connected.
Diane S.A. Vettori, attorney for Pat Pico, president of The Insurance Center, proposed making an advance payment of $2,415, which would cover rent for September and October, when the lease is signed. The advance payment, she told the board, would constitute a sign of good faith and would serve as proof that her client has the funds to back the agreement.
She also requested that The Insurance Center be permitted to take possession of the building Aug. 1 to allow for renovations. In consideration of those renovations, August would be rent-free, Vettori said.
The CIC committee opted instead to allow The Insurance Center to apply the $2,415 to September's rent and the security deposit. The committee also agreed to allow The Insurance Center to take possession of the building as soon as the lease is signed, security deposit and first month's rent paid, and utilities connected. Taking possession of the building as soon as possible will allow The Insurance Center to begin renovations. In consideration of those renovations, The Insurance Center will occupy the space rent-free until Sept. 1.
Renovations
Renovations won't involve major reconstruction, Pico said. "We just want to partition off a few offices and install carpeting."
Initially, Pico and another Insurance Center employee will occupy a portion of the street-level office space.
Eventually, Pico said, as many as 10 people could work in the building. "We have a non-written agreement with an attorney to occupy some of the space." Pico said he's also negotiating with a real estate company for space in the building.
Whether The Insurance Center will be able to sublet space, however, is yet to be addressed by the CIC.
Pico said he has been working with the CIC since October to find space downtown.
The Insurance Center currently occupies space in Acme Bonding Co.'s office, which is also downtown.
kubik@vindy.com