DOWNTOWN

DOWNTOWN
Selling buildings
Details of the downtown redevelopment agency's new proposed building ownership policy:
The policy would allow sale of agency-owned buildings based on appraised values.
Buyers could pay the full purchase price up front. Or, a buyer could pay 60 percent and the agency would hold a mortgage on the remaining 40 percent.
Buyers also would have to meet several criteria:
Show the financial ability to buy, renovate and operate the building.
Commit to investing at least three times the sale price to renovating or expanding the building.
Secure a bank loan that amounts to at least 33 percent of the total project cost.
Failure to achieve the investment goals would let the agency call in its mortgage and foreclose on the building.
Source: Youngstown Central Area Community Improvement Corp.