YOUNGSTOWN - Youngstown City Council members will review legislation next week that would establish a financing structure to support energy efficiency upgrades at the historic Mahoning National Bank building downtown.

The proposed ordinances, scheduled for a vote during the Dec. 17 meeting, would allow the property owner to utilize what’s known as Property Assessed Clean Energy financing. The mechanism permits developers to borrow money for renewable energy and efficiency improvements and repay the debt through a voluntary special assessment added to the property’s tax bill.

According to the legislative packet, the project at 26 Market St. will involve approximately $5.5 million in upgrades, including a new heating and cooling system, LED lighting, water heating improvements, and building envelope repairs. If approved, the city would levy special assessments totaling roughly $13 million over 23 years against the property to cover principal, interest, and administrative fees associated with the financing.

The legislation identifies the property owner as 22 Market Street, Ohio LLC. State records show this entity, along with 22 Market Street Ohio Developer LLC, was formally organized with the Ohio Secretary of State on Dec. 3, listing Israel Ostreicher as the statutory agent.

The 13-story building, originally constructed in 1910, is slated for conversion into a mixed-use development. Plans for the site include 71 residential apartments on the upper floors and commercial space on the lower levels. Developers also intend to transform the historic bank vault into an event space.

This local financing measure complements other funding sources recently secured for the project. The development previously received $2 million through the Ohio Historic Preservation Tax Credit Program and $1.39 million from the state’s Transformational Mixed-Use Development Program.