City to borrow $4 million for Youngstown Foundation Amphitheater

YOUNGSTOWN

The city’s board of control today approved an agreement with the U.S. Department of Housing and Urban Development to borrow $4 million for the Youngstown Foundation Amphitheater and riverfront park project.

The loan must be repaid over 20 years. The estimated interest rate was 2.59 percent, but Kyle Miasek, interim finance director, said the interest rate could be lowered.

In addition to the loan, the city received $3 million from the Youngstown Foundation for naming rights of the facility.

The city also has used a few hundred thousand dollars in water and wastewater funds for projects directly related to water and sewer work there, Miasek said.

The rest of the money will come from additional sponsorships, Miasek and Mayor Jamael Tito Brown said.

The project is scheduled to be finished and opened by June.

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