Youngstown buys property for YSU building site

YOUNGSTOWN — The city’s board of control approved a $487,500 purchase of three key pieces of property needed by Youngstown State University to build its new College of Business Administration.

The board agreed to the purchase today of property on West Wood Street and West Rayen Avenue pending a final review by the city’s law department.

The three properties are all owned by a Canfield trust, headed by Sofie Cherol, who’s late husband, John F. Cherol, was a longtime Youngstown businessman. Her son, John A., is a trustee.

An appraisal of the 1.75 acres of properties put their value at close to $800,000, said city Finance Director David Bozanich, a board of control member. The Cherols agreed to accept $487,500 from the city.

“My father was a Youngstown businessman for 80 years,” John A. Cherol said. “He believed strongly in the city. This is something he would have wanted to do so we decided to do this in his memory.”

YSU wants to build a $30 million College of Business on West Wood, North Phelps, West Rayen and North Hazel Street.

City council approved legislation last year to advance up $2.5 million in city money for this project. The legislation states the city is to pay no more than $500,000 of the cost.

For the complete story, see Friday's Vindicator and Vindy.com