WRPA approves plan to finance new commercial properties in Boardman

WARREN — The Western Reserve Port Authority approved a resolution today authorizing its economic development director to negotiate with the owners of the former Kmart site on on U.S. Route 224 in Boardman for a capital lease and financing for new commercial properties to be built there.

The owner of the 10.5-acre site, LRC Realty of Akron, plans to develop it in phases but is not able to identify the possible tenants. It currently has a Starbucks coffee shop. LRC is also the developer of the Enclave student housing project in Youngstown.

Gary O'Nesti of LRC told the port authority this morning at its meeting at the Tech Belt Energy Innovation Center his company is negotiating with three national tenants that will occupy 85,000 to 95,000 square feet of retail space there.

Today's approval allows for the distribution of a sales-tax exemption certificate so the developer can start buying construction materials, which will be exempt from sales taxes.

The authority also approved the same type of negotiations with Hallmark Student Housing LLC so it can can move forward with a third phase of University Edge student housing on the same piece of property in Youngstown as the first two phases.

That $6 million project will involve 161 beds in 40 more units on the southeast corner of the development.

The authority also approved the issuance of bonds of up to $10 million for the construction of Campus Lofts apartments in Youngstown.

The authority will also authorized John Moliterno, WRPA executive director, to negotiate a purchase agreement with James and Nancy Alderman, to sell 42 acres of their land near the Youngstown Air Reserve Station on King Graves Road in Vienna so it can be used to create a new main entrance gate for the air reserve station.

The $8.8 million gate project is funded and just needs the land so that construction can begin in the coming year, possibly in the spring, said Master Sgt. Bob Barko of the 91th Airlift Wing at the reserve station.

The purpose of the project is to move if farther from King Graves Road to provide greater security, a new visitor's center. and other improvements. A second new gate is in the planning stages that will be on state Route 193 near the former Airport Inn Restaurant to provide an entrance and exit for commercial vehicles.

The port authority is involved in the project because of limitations the federal government has for purchasing property at a level greater than the fair market value, Barko said. The port authority has greater latitude in such purchases.