The Fund for Warren’s Future

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Here is the full text of the press release announcing the Fund for Warren’s Future. I will be writing about this in much more detail soon.

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WARREN ECONOMIC DEVELOPMENT INITIATIVE

Prominent local businessmen and City Government form the Fund for Warren’s Future

(October 17, 2017)

Two prominent Warren businessmen, Sam Covelli, C.E.O. of Covelli Enterprises, and Anthony Payiavlas, President and C.E.O. of AVI Foodsystems Inc., are joining forces with Mayor Doug Franklin and the City of Warren, to create the Fund for Warren’s Future (FWF or “the Fund”). The purpose of the Fund will be to initiate, promote and support economic development in the city of Warren, Ohio. The goals of the Fund are:

  • To encourage direct purchase of, or investment in, industrial, commercial and residential properties in the city of Warren
  • To encourage people to visit Warren in order to build on its position as the entertainment and dining capital of Trumbull County
  • To promote and support the growth of entrepreneurial activity in Warren through educational programs and infrastructure development
  • To create a proactive culture in Warren which understands that growth is critical to our future

The funds will be on deposit with, and managed by, the Community Foundation of the Mahoning Valley. Projects will be selected by a Board comprised of Mr. Covelli, Mr. Payiavlas and Mayor Franklin. Dennis Blank, a Warren resident and the Publisher of Warren Expressed, will serve as the Board’s administrator. Board members and Blank will serve as unpaid volunteers.

The FWF will not invest in individual businesses. All funds will be distributed through non-profit organizations recognized as such by the IRS.

Capitalization of the Fund will be a two-step matching process; step-one will raise $100,000. $50,000 will be invested by the City of Warren; Messrs. Payiavlas and Covelli have agreed to match the City’s investment with a $50,000 investment of private capital.

City funds have already been appropriated and are on deposit in a City “Economic Development” account. The Fund for Warren’s Future, and the City’s financial participation, were supported by a unanimous resolution passed by Warren City Council on July 26, 2017 (#4624/17).

In step-two, Messrs. Payiavlas and Covelli will jointly invest up to an additional $50,000 of  matching funds, equal to contributions raised from other individuals, businesses or institutions. If this incremental fund-raising effort is successful, the fund will have total capitalization of at least $200,000.

The Board has identified nearly twenty projects that meet the FWF’s objectives, however, the Board will host community outreach meetings in order to receive input directly from Warren citizens.

Posted Wednesday, October 18th, 2017 under Economic development.

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