LOCKPORT – Corporation Counsel John J. Ottaviano said Wednesday that asbestos removal and interior demolition at Harrison Place is almost complete. The work is needed for Trek Inc. to move its electronic instruments plant from Medina to Lockport.
However, Ottaviano said the appraiser hired by Five Star Bank to place a value on Building 4 at Harrison Place still hasn’t reported on the building’s value, which is holding up a loan the city’s development agency intends to take out to pay for the renovation.
R. Charles Bell, city planning and development director, said he thinks the appraiser’s delay is starting to endanger the project, announced Dec. 12. Trek is to bring nearly 100 jobs to Lockport.
Without the loan amount, city leaders can’t sign a lease with Trek for the property, because the lease payments have to be enough to enable repayment of the loan, expected to be more than $3 million.
However, Ottaviano said the appraiser hired by Five Star Bank to place a value on Building 4 at Harrison Place still hasn’t reported on the building’s value, which is holding up a loan the city’s development agency intends to take out to pay for the renovation.
R. Charles Bell, city planning and development director, said he thinks the appraiser’s delay is starting to endanger the project, announced Dec. 12. Trek is to bring nearly 100 jobs to Lockport.
Without the loan amount, city leaders can’t sign a lease with Trek for the property, because the lease payments have to be enough to enable repayment of the loan, expected to be more than $3 million.