Youngstown City Council members meet Wednesday to consider a proposal to grant a 15-year tax break for the renovation of the historic Mahoning National Bank building.

The legislation would approve a Community Reinvestment Area agreement between the city and 22 Market Street Ohio LLC. Under the terms of the deal, the property owner would not pay taxes on the increased value of the site resulting from the construction for 15 years. The abatement applies to 100 percent of the new value created by the project at 26 Market St.

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.

Council members will also review ordinances establishing a financing structure for major energy efficiency upgrades at the property. The legislative packet outlines approximately $5.5 million in specific improvements. The planned work includes the installation of a new heating and cooling system, updated lighting, and a more efficient water heating system. The project also calls for improvements to the building's exterior structure.

The proposed legislation would allow the city to levy special assessments of up to $17.3 million against the property to pay for these upgrades. The property owner would repay the debt through semi-annual installments on the tax bill over a period of 30 years.

The tax abatement is listed as an emergency measure, meaning the agreement would take effect immediately if the council approves it. The meeting is scheduled for 5:30 pm.