Thursday, April 16, 2015
YBI to announce purchase today
YOUNGSTOWN
The Youngstown Business Incubator will announce its plans to purchase The Vindicator’s downtown office building this morning. The YBI received $5 million in government grants to renovate the 84-year-old building and a loan from Village Capital Corp. for the purchase.
The price of The Vindicator’s steel-reinforced concrete building is $700,000. Vindicator employees have been moving across Boardman Street for several weeks to the company’s production building at Vindicator Square and West Front Street, which has been in operation since 1972.
Tree trimming underway in area
AKRON
Ohio Edison, a subsidiary of FirstEnergy Corp., continues to conduct tree trimming and other vegetation management work in communities across its 36-county service area in Ohio to improve service reliability.
Throughout the year, Ohio Edison will be conducting tree-trimming work in the nearly 100 communities, including those in the Mahoning Valley.
As part of the company’s nearly $29 million vegetation-management program for 2015, Ohio Edison contractors expect to have trimmed trees along 4,500 miles of distribution lines by the end of the year.
PNC posts income for first quarter
PITTSBURGH
The PNC Financial Services Group Inc., the holding company of PNC Bank, reported a net income of $1 billion, or $1.75 per diluted common share, for the first quarter of 2015 compared with the net income of $1.1 billion, or $1.82 per diluted common share, for the first quarter of 2014. PNC is the second-largest bank in the Youngstown area.
Lawmakers seek action against Penn
HARRISBURG, PA.
Six state lawmakers are asking Attorney General Kathleen Kane to investigate allegations that Penn National Gaming Inc. withdrew from a casino and horse racetrack project in Lawrence County to block it from competing with a nearby casino the company owns.
Pa.State Rep. Chris Sainato, of Union Township, D-9th, one of the authors of the letter, said allegations of fraud and criminal conduct contained in a lawsuit filed by Endeka Entertainment against Penn National are troubling. Penn National also has filed a lawsuit against Endeka.
Penn National had partnered with Endeka Entertainment for the casino/racetrack project in Mahoning Township, known as Lawrence County Downs, and filed an application with the Pennsylvania Gaming and Control Board for a gaming license.
Penn National announced March 30 that it was pulling out of the Lawrence County project, leaving its future uncertain.
Vindicator staff/wire reports