Finance committee advances 22 Market Street redevelopment discussion as city weighs support

The Youngstown City Council Finance Committee on Jan. 7 pressed project leaders for clarity on the long-running 22 Market Street redevelopment and heard from city staff that outside investors and state grants have reduced financing risk.

Councilwoman Samantha Turner asked whether the committee should be confident in the developer after a series of starts and stops. “I wanna know how confident we are in this developer and then moving forward with us taking these steps,” she said. Finance Director David Smallwood told the committee an outside investor “in Orange, Connecticut” has vetted the redeveloper and the financing stack, and that the effort supports a broader energy-improvement component. “It’s an $18,000,000 project,” Smallwood said, adding that the outside investor had successfully supported another local project and that payments on a PACE loan have been made on time.

Stephanie from economic development summarized the project’s status and funding. She said the purchase price was $2.3 million and that the developer has secured about $3,000,000 in state grants and credits, while noting the project suffered setbacks including a flood and steam‑heat issues. “We are now on the move, and we’re ready to move forward with this project,” she said, and added that the residential piece — roughly 70 units — could be complete by 2027.

City staff emphasized the administration has not yet invested direct city dollars in the project and that the developer’s funders are providing primary financing. When asked whether the developer will request city assistance, the administration said it is evaluating options and could bring forward legislation for council consideration at the next meeting or in February if the administration decides to sponsor support measures.

The committee did not take a final vote on any funding commitments in committee but moved related resolutions and ordinances to the council floor for consideration.

Why it matters: the block at 22 Market Street has been under redevelopment for several years; the project combines commercial and residential work and may affect downtown housing stock and construction activity. The presence of state grants and an external investor was presented to the committee as the principal mitigant to earlier financing delays.

What’s next: administration staff said they may introduce formal legislation seeking council support at an upcoming meeting; the committee forwarded the current resolutions and ordinances to the council floor for consideration.