By David Skolnick

skolnick@vindy.com

YOUNGSTOWN

City council authorized the board of control to approve a 75-percent, 10-year real property-tax abatement for a downtown 130-bed hotel.

But at the request of the city administration, council postponed a vote Wednesday on a similar abatement for Fireline Inc., which manufactures industrial ceramics for the aerospace industry.

That’s because Fireline, on Andrews Avenue, also is seeking property from the city land bank and possibly financial assistance from the municipality for its $5.76 million addition, and it’s easier to seek it all at once, said T. Sharon Woodberry, the city’s director of community planning and economic development.

The land-bank property wouldn’t be part of Fireline’s 25,000-square-foot expansion and would be used as a buffer zone for the company, Woodberry said.

Council unanimously approved having the board of control grant a tax abatement to Youngstown Stambaugh LLC, an NYO Property Group subsidiary, building the $35.4 million DoubleTree by Hilton Hotel at the vacant Stambaugh Building, 44 E. Federal St.

The abatement would save the company $2,288,870 over 10 years. It would pay $762,960 in taxes over that time period.

The board of control approved a $2,050,000 loan package Tuesday for the hotel company with $750,000 of it forgiven and the remainder borrowed without interest if one portion is paid back in 30 months and the other part is repaid in 36 months.

The hotel is to be finished by Dec. 30, 2017.

Council also voted to permit the board of control to loan $375,000 to 2Deep Entertainment, an entertainment booking company, to move from 7326 Southern Blvd. in Boardman to 237 E. Front St. next to the Covelli Centre.

The loan is for up to 12 months at 0.25 percent interest, guaranteed by an irrevocable letter of credit from Cortland Bank, Woodberry said.

The 5,000-square-foot building has been vacant for a couple of years, Woodberry said.

Council chose to not vote on a proposal to enter into a deal with Fresh Coast Capital to have the Chicago-based company conduct an analysis to recommend ways to reduce the amount of storm water that goes into the city’s sewer system.

The work is estimated to cost slightly more than $1.1 million with the city paying about 30 percent up to $350,000.

Council members said they wanted more information about the proposal before considering it. Fresh Coast is to give a presentation at council’s economic development committee’s Jan. 11 meeting.