LOCKPORT – The city’s development agency, the Greater Lockport Development Corp., voted Thursday to forgive a loan to one Lockport business, while refinancing a loan to another company.
Lockport Locks and Erie Canal Cruises won’t have to repay $175,000 it received from the state in 2006, City Planning and Development Director R. Charles Bell said.
That money was set up as a deferred loan at the time, meaning the state money could be converted to an outright grant if the business stayed open and met other conditions, Bell said.
Meanwhile, Rubberform Recycled Products was given a new three-year loan term to avoid having to make a $174,000 balloon payment to the agency. Bell said Rubberform, which in the past had trouble making loan payments, hasn’t missed any during the last three years. The company’s payments over the next three years will be about $1,800 per month, Bell said.