YOUNGSTOWN, Ohio (WKBN) — An electronic transaction on Tuesday to Key Bank was the city of Youngstown’s final payment on the Covelli Centre, something Mayor Jamael “Tito” Brown calls a “great accomplishment.”
Youngtown’s Covelli Centre opened in 2006 at a cost of $45 million. More than half was covered by federal grants but also included an $11.9 million loan by the city.
When Brown became mayor, one of his goals was to pay off the loan, and on Tuesday the last $1.7 million was sent to the bank.
“I certainly think it’s a proud moment for us,” said Eric Ryan, with JAC Management.
Ryan’s company started running the Covelli Centre 15 years ago.
“If you’d have said we’d have the building at the beginning of 2024, most people around would have called you crazy,” Ryan said.
The money to pay off the loan came from Covelli Centre profits and a 5.5% admissions tax on tickets.
“The money that we generate, both operationally and admission tax, is between $5,000 and $750,000 a year,” Ryan said.
The process has already started for some major roof repair.
“We’ve had some troubles where the barrel roof falls down into our suite levels for quite some time, and we’ve done a lot of patch work, and it’s just reached the end of that process,” Ryan said.
To help with marketing and advertising, Ryan would like new digital ribbon boards encircling the center’s interior and new dasher boards for the hockey rink. The money will come from the fund that was used to pay down the debt.
“But it’s going to be nice that we will be able to use the funds from our operating account, our profits from our operating account and the admissions tax to go in the entire facility,” Ryan said.
Ryan says he’d like to redo the parking lot, specifically the main entrance ways. There are also some lighting upgrades he wants done. He added there’s nothing really pressing that must be done except for the roof.
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January 03, 2024 at 06:18AM
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Last payment for Covelli Centre ‘a proud moment’ for city - WKBN.com
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