LOCKPORT – City leaders struggled behind closed doors Thursday to reach a final agreement with Trek Inc. on a deal that would relocate the Medina electronic instrument maker to the former Harrison Radiator plant.
“We’re close,” Corporation Counsel John J. Ottaviano said Thursday evening. “We should have something by the end of next week.”
Ottaviano said the language had been settled and the only thing holding up completion of the deal was the amount Trek would have to pay to lease two floors of Building 4 in what is now called Harrison Place.
That figure depends on how much it would cost to renovate the vacant, unheated 96,000-square-foot space. That can’t be determined until the architect and contractor selected by the city make their calculations.
The architect is Smart Design, a Batavia firm recommended by Thomas Mancuso, the Batavia-based manager of Harrison Place.
The contractor is David R. Chamberlain of Lockport, who hasn’t signed his contract yet, Ottaviano said.
Trek is to bring 72 jobs from Medina and add another 26 jobs within three years.
Trek’s lease payment must be enough for 210 Walnut LLC, a private but city-controlled entity that owns the complex, to make the payments on a bank loan of up to $4 million needed to pay for the renovation. A $500,000 state grant and a $250,000 cash infusion from the Greater Lockport Development Corp., the city development agency, also are part of the financing.
Ottaviano, Mayor Michael W. Tucker, Planning and Development Director R. Charles Bell and Harry Sicherman, the city’s economic development consultant, were involved in the talks with Trek representatives.
The company is to sign a 20-year lease on the space, including a five-year option to expand onto the third floor of the building. Trek also will have a purchase option to buy the whole building, which it can exercise at any time, Ottaviano said.