Youngstown council extends time for downtown hotel owner to repay loan

YOUNGSTOWN — City council agreed tonight to extend the time the owners of the DoubleTree by Hilton hotel have to repay a $2,050,000 no-interest loan to the city.

Council voted to allow the developers 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 approval for the tax credits.

It also received $5 million in state historic tax credits.

Council approved the $2,050,000 loan on Dec. 7, 2016, to the owners of the downtown hotel with $750,000 of it forgiven if it was paid back within 30 months. The $750,000 loan forgiveness is also extended to December 2019.

There is no interest if the loan is repaid in three years. The interest goes up to 6.5 percent if it takes longer than three years to pay back.

The city money came from water, wastewater and environmental sanitation funds for that time of work at the site.

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