Youngstown sells the Erie Terminal building for 375K

The board also approved paying 19,103 more for city hall improvements.
By DAVID SKOLNICK
CITY HALL REPORTER
YOUNGSTOWN -- The city finalized a contract to sell the Erie Terminal building for 375,000 to a company that wants to turn the structure into student apartments and retail space.
The board of control voted Thursday to approve the purchase agreement with USA Parking Systems Inc. of Cleveland for the six-floor Commerce Street building.
The board selected USA over two other companies in December 2006 to develop the Erie Terminal, vacant since the Mahoning County Child Enforcement Agency moved out two years ago.
The city bought the building for 300,000 more than a year ago from the state, which was the property's first mortgage holder. City officials say the building is a key link between Youngstown State University and downtown.
USA plans to house retail business on the first floor and build 35 apartment units for students on the upper five floors. The company's plan calls for it to spend at least 3 million to improve the terminal.
USA, which owns a number of downtown parking lots, is primarily owned by Lou Frangos of Cleveland. Frangos' other companies own the Wick Building on West Federal Street and the Realty Building on East Federal Street.
Frangos' companies received 4 million, no-interest loans from the city in October 2006 to convert the two buildings into housing complexes. The companies are expected to spend about 10 million on those two projects.
What's being done
Internal demolition is being done to the Realty Building, while preliminary work to prepare the Wick Building for internal demolition is under way, said Jeffrey Chagnot, the city's economic development director.
The board -- made up of the mayor, law director and finance director -- also approved paying an additional 19,103 to Aberdeen Corp., a Youngstown company serving as the general contractor on an improvement project to city hall's first-floor lobby and the mayor's office. The extras brings Aberdeen's cost for the work to 137,244.
The extra money is for work to hardwood floors, additional painting, glass replacement, raising the hall's ceiling height, and demolishing and disposing a masonry wall.
The board also approved a 1.9 million, no-interest loan for Brilex Industries Inc., a company on Crescent Street that manufactures customized machinery for other businesses.
Brilex plans a 25,000-square-foot addition to its business in Riverbend Business Park and the purchase and installation of new equipment.
skolnick@vindy.com