Youngstown council agrees to land lease with V&M Star - 21 News Now, More Local News for Youngstown, Ohio -

Youngstown council agrees to land lease with V&M Star


YOUNGSTOWN, Ohio - The city of Youngstown will be cashing in about $8.5 million over the next three years.

The money will come from a land lease with V&M Star, and will likely be used to buy the city more time before leasing mineral rights for oil and gas drilling.

Wednesday night council approved the legislation to sign a 99-year contract with the company.

The land designated in the lease will be used for their expansion project. The city will in turn receive about $18 million over the course of the agreement.

Mayor Chuck Sammarone says the first year's payment will be used to balance the year's budget. He hopes council will then agree to use any remaining money to demolish vacant homes, a project the city had originally planned to fund by using revenue from a lease of city-owned mineral rights.

A study is currently being conducted by the Environmental Protection Agency to help determine the safety of oil and gas drilling.

Sammarone hopes the study will be released before the city moves forward with any agreements.

As for the deal with V&M, the leased land is located within the joint economic development district.

According to Youngstown's Finance Director David Bozanich, Girard will not receive any money from the lease but since the development is located within the city's school district they will receive 25 percent of realty property taxes.

  • More From wfmj.comMore>>

  • As US economy accelerates, Fed remains cautious

    As US economy accelerates, Fed remains cautious

    Thursday, July 31 2014 7:39 AM EDT2014-07-31 11:39:42 GMT
    After a dismal winter, the U.S. economy sprang back to life in the April-June quarter, growing at a fast 4 percent annual rate on the strength of higher consumer and business spending.More >>
    After a grim start to 2014, the U.S. economy has rebounded with vigor and should show renewed strength into next year.More >>
  • Deadly Israeli strikes hit UN school, market area

    Deadly Israeli strikes hit UN school, market area

    Wednesday, July 30 2014 8:26 PM EDT2014-07-31 00:26:47 GMT
    A Palestinian health official says 13 people were killed after tank shells hit a U.N. school in Gaza where hundreds of Palestinians had taken refuge from Israeli attacks.More >>
    Israeli artillery shells tore through the walls of a U.N. school crowded with sleeping war refugees and back-to-back explosions rocked a market filled with shoppers Wednesday as Israel's stepped up campaign against...More >>
  • Suing Obama: GOP-led House gives the go-ahead

    Suing Obama: GOP-led House gives the go-ahead

    Wednesday, July 30 2014 7:49 PM EDT2014-07-30 23:49:43 GMT
    Republicans are ready to muscle legislation through the House authorizing an election-year lawsuit against President Barack Obama that accuses him of exceeding his powers in enforcing his health care law.More >>
    A sharply divided House approved a Republican plan Wednesday to launch a campaign-season lawsuit against President Barack Obama, accusing him of exceeding the bounds of his constitutional authority. Obama and other...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms