Council will consider extension on $2,050,000 hotel loan repayment

YOUNGSTOWN

City council will consider legislation Wednesday to consider extending the time the owners of the DoubleTree by Hilton hotel have to repay a $2,050,000 no-interest loan to the city.

The developers are seeking to repay the loan by December 2019, six months later than the original 30 months they were given by city council to do so.

The delay is related to Youngstown Stambaugh Hotel LLC not receiving $4 million federal historic tax credits in time.

The company – which is co-owned by the NYO Property Group of Youngstown and Pan Brother Associates of New York City – has since received the tax credits.

For the complete story, read Wednesday’s Vindicator and Vindy.com