LOCKPORT - The city’s development agency was approved Wednesday for a $500,000 state grant to pay for some of the $4 million renovation of Building 4 at Harrison Place to accommodate Trek Inc., the Medina electronic instrument maker that plans to move there.
However, the Greater Lockport Development Corp. will not be able to take any action to advance the project today, because neither the lease with Trek nor the bank loan to the GLDC is complete, city Planning and Development Director R. Charles Bell said Wednesday.
The appraisal report ordered by the lender, Five Star Bank, is a key, because the loan will be 80 percent of the appraised value, Bell said. The lease payments will have to be high enough to make the GLDC’s loan repayments.
Also Wednesday, the state gave Lockport a $100,000 grant toward restoration of the Flight of Five, the 19th century Erie Canal locks. The city had asked for $2 million. Mayor Michael W. Tucker said he was “disappointed” but said the city could probably buy a demonstration boat for the Flight with that grant.