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Money would come from city’s enterprise departments, naming rights, and borrowing block grant funds
YOUNGSTOWN
Legislation authorizing the city administration’s financing of the $8 million to $9 million Phase I development of the Mahoning riverfront in downtown Youngstown is expected to be voted on by city council on Dec. 7.
During a council finance committee meeting Monday, its members did not formally approve the financing plan presented by David Bozanich, city finance director.
The three finance committee members spoke in favor of Bozanich’s plan, however.
“I can’t speak for other committee members, but I’m in favor of the plan and hope my colleagues will be also,” said Councilman T. J. Rodgers, D-2nd, chairman of the committee.
Councilmen Michael L. Ray Jr., D-4th, and Nathaniel Pinkard, D-3rd, committee members, also spoke in favor of the financing plan for Phase I, which includes an open-air 3,250-seat amphitheater near the Covelli Centre, a water park with fountains, greening of the site, and bike trails.
“It’s important that we invest in ourselves. The Covelli Centre was a huge turning point for downtown, and I think this project will have an equal impact,” said Pinkard.
“The project continues the removal of industrial waste. I think it will be very impactful,” Ray said.
Bozanich, who presented an overview of the city’s finances as of the end of 2016 to the committee and other members of council in attendance, said that financing the project will not tap the general fund.
The city income tax is the main source of revenue for the general fund, which primarily funds the police, fire, street, park and health departments.
Instead, Bozanich proposes that the riverfront project be paid for via a 20-year, $4 million loan from the city’s Community Development Block Grant, $5 million from the city’s enterprise funds to pay for infrastructure, $1 million or $2 million in naming rights and other private support and $150,000 to $200,000 from use of the facilities by festival groups and others.
“I’m pretty excited. I’m a true believer,” said Bozanich, who said the project dovetails nicely with the Covelli Centre.
Dec. 7 will be the legislative body’s first meeting of the month. Regular sessions of council are at 5:30 p.m. the first and third Wednesdays of each month. Next month they are on Dec. 7 and 21. Regular council meetings are preceded by a three-member finance committee meeting at 4:45 p.m.