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Strollo Architects gets a tax abatement from Youngstown
YOUNGSTOWN
The city’s board of control approved a 75-percent, 10-year real-property tax abatement for Strollo Architects, which is improving the long-vacant Wells Building downtown.
The board voted for the abatement Thursday that would result in Strollo’s saving $274,763 and paying $94,063 in taxes over the life of the abatement.
The $5 million project on West Federal Street, on the southeast corner of South Hazel Street, is expected to be done by August or September.
It includes 12 apartments on the building’s upper three floors with Strollo using the ground floor as its office.
The city already has approved a $520,000 grant for water and wastewater improvements, and $100,000 toward the general expenses of the project.
Strollo will receive $1 million in state tax credits and about the same in federal tax credits after the project is done.
The 98-year-old building last was used about 30 years ago as an armed-forces recruiting facility.
Also, the board agreed to pay up to $50,000 to the PFM Group for a study of the city’s water system.
Later this year, the city will start a $14 million meter- replacement project.
The study will help the city provide more-accurate billings of water customers, said Water Commissioner Harry L. Johnson III.
The study will look at converting water billing to 1 cubic foot or 1 gallon from 100 cubic feet — equivalent to 748 gallons — and assess the feasibility of reducing water bills for senior citizens.
PFM will get to work immediately and have the study done in six to eight weeks, Johnson said.