Developer asks Youngstown school board for tax abatement for downtown hotel

YOUNGSTOWN — Dominic Marchionda of NYO Property Group. is seeking approval of a tax abatement from the Youngstown City Schools on his venture to build a hotel downtown. The abatement is worth about $4.6 million.

NYO Property Group plans to convert the historic Stambaugh Building, 44 E. Federal St., into a DoubleTree Hilton hotel by December 2017.

Sharon Woodberry, director of community development and special planning for the city of Youngstown, recommended the school board approve a 15-year tax abatement of 100 percent. A 100 percent abatement requires board approval. She also presented options for a 15-year abatement at 75 percent or a 10-year abatement at 75 or 100 percent.

“Particularly with projects of this size, the margins are thin,” Woodberry said. “These tools are kind of what pushes the project over the edge.” Woodberry asked the board to make a decision before city council’s next session Sept. 21.