Panel seeks loan to build courthouse

Interest rates are rising, so the CIC is starting the borrowing process now.
By ROGER G. SMITH
CITY HALL REPORTER
YOUNGSTOWN -- Downtown's redevelopment agency is getting a start on its second major construction project.
The executive committee of the Youngstown Central Area Community Improvement Corp. started the borrowing process Thursday to build a new courthouse.
The committee authorized staff to seek requests for proposals from bond underwriters and bond lawyers for the 7th District Court of Appeals project.
CIC is building an estimated $3.2 million courthouse on West Federal Street for the court.
The move starts the process of borrowing the $3.2 million, said Jason Whitehead, CIC executive director. Rent paid by the counties within the court's jurisdiction will pay off the bond, which is a loan.
CIC expects to seek construction bids in the fall and award a contract by year's end, Whitehead said. The court is to be ready by January 2006.
The agency is starting the borrowing process now because interest rates are rising, he said. The sooner the money is borrowed, the better chance for a lower interest rate, he said.
CIC wouldn't have to deal with bonds if a local lender volunteers to finance the project in the meantime, he said.
CSB building
Meanwhile, the committee approved an item for a major construction project under way -- a new office for the Mahoning County Children Services Board.
The committee authorized the hiring of mechanical and electrical engineers, not to exceed $12,000, for the project.
CIC is building a $7.1 million, four-story office for children services at West Federal and Hazel streets next to the George V. Voinovich Government Center. The Ohio Bureau of Workers' Compensation will rent one floor. The building is to be ready by February.
rgsmith@vindy.com