Loan extended for downtown apartment complex
YOUNGSTOWN — The developer of an upscale apartment complex being built downtown will have six more months to repay $2 million to the city.
The city’s board of control — consisting of the mayor, law director and finance director — unanimously approved a request today to give Management Parking LLC until Sept. 30 to pay back the money it borrowed to help fund the construction of the Realty Tower Apartments at 47 Central Federal St. at a formerly vacant 12-story structure.
The company borrowed the money in September 2006 and was to pay it back in 18 months. At the company’s request, the city extended the term in March 2008 by another year. The company wants another six months, a request granted by the board of control.
“The project has taken longer than expected,” said Finance Director David Bozanich. “They’re getting close to finishing it.”
The repayment date will come after the project’s completion.
The $8.4 million project is to be finished by mid- to late June, said Bill Sperlazza, development manager for Management Parking.
For the complete story, read Friday’s Vindicator or Vindy.com