YOUNGSTOWN, Ohio (WKBN) – Monday afternoon, the board of control for the city of Youngstown approved a lease agreement with a newly formed company called 20 Federal Place, LLC.

The lease was needed to apply for a transformational mixed-use development tax credit through the state of Ohio. It would redevelop 20 Federal Place, which was once also the former Strouss’ building.

The application for the grant was due on Monday, Aug. 15.

The plan is to spend $74 million to totally renovate the building.