Youngstown council to consider a $4 million loan for a student housing complex Wednesday

By David Skolnick | June 6, 2017 at 12:05a.m.

YOUNGSTOWN

City council will consider a proposal Wednesday to lend up to $4 million to Campus Associates LLC, which is building the Enclave, a $16 million, 194-bed student-housing complex at Youngstown State University.

Council’s housing, community and economic development committee recommended its approval at a Monday meeting.

The company must provide an irrevocable letter of credit from a lending institution to get the 12-month, 0.25-percent interest loan, said T. Sharon Woodberry, the city’s director of community planning and economic development.

There will be 65 units in the dormitory part of the complex with a total of 194 bedrooms taking up 105,000 square feet of space.

Also, the structure at the corner of Lincoln and Wick avenues also will include 11,000 square feet of retail space.

The committee also recommended council give Campus Associates a $500,000 water grant, from the city’s water fund, for the project.

The company will seek a tax abatement for the work, Woodberry said.

Construction is to start next month and be finished in August 2018 in time for next year’s fall semester, she said.

The committee also recommended that council give a $13,800 water grant to Students Motivated by the Arts [SMARTS] at 25 E. Boardman St. for a $277,000 project.

Both proposals also need approval from the board of control.

At the request of Woodberry, the council committee deferred action on an $18,000 water grant for improvements at Avalon Downtown, 17 W. Federal St. The proposal needs further review, she said.