Hotel developers apply for tax break to join Belmont Avenue corr - 21 News Now, More Local News for Youngstown, Ohio -

Hotel developers apply for tax break to join Belmont Avenue corridor

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LIBERTY TWP., Ohio - Plans to build a three-story hotel in Liberty Township are in motion.

Developers are in the process of trying to take advantage of a tax incentive program to move into the Belmont Avenue corridor and reinvestment area. Trumbull County Commissioners received the developer's application for a 49 percent tax abatement for 10 years. 

Perni Equities, LLC, plans to invest $6.5 million to build a Comfort Suites on a 9 acre plot of land where the former Ramada Inn used to sit. The tax break deal hinges on approval from the state and Liberty Township schools. While the school district would receive fewer tax dollars from the deal, Liberty Township Administrator Pat Ungaro says it's new money that otherwise wouldn't be coming in at all.

"So they're going to get half the taxes, it's better than getting any of it and that's the way you have to look at it," Ungaro says.

Seeing for sale and lease signs disappear within the reinvestment area is the ultimate goal. Ungaro is optimistic about new economic development between Gypsy Lane and Tibbetts Wick Road in 2014. During the past decade, the township's been working on improving that busy portion of retail and businesses. 

"We're trying to improve the physical appearance and we have some incentives that we need, it's market driven," Ungaro says.

He says a Cleveland company is planning to bring business near the Walmart on Goldie Road and four plots of land in front the proposed hotel could become locations for future development.

The hotel would provide a new source of revenue for the township. Ungaro says Liberty would receive revenues, collected from hotel customers upon their stay.

"That could be $5,000, $6,000, $7,000 a month in money for the township if it's being fully occupied," he says. 

The addition of the proposed hotel would mean about 30 new jobs for the township. A connecting banquet and conference center is still in the planning stages and the potential cost of that project is not yet known.
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