At a special meeting Monday, the Niagara County Legislature voted to transfer Inducon Industrial Park in the Town of Wheatfield to the county Industrial Development Agency.
The former owners, 2400 Lockport Inc., failed to pay the special assessments for the bonds, along with eight years' worth of county, school, and town taxes. The county foreclosed. After no bids were received at last month's foreclosure auction, the county and IDA started working on this deal.
IDA Executive Director John R. Simon and Assistant County Attorney Richard C. Kloch Sr. said state law requires the county to pay off special assessments of municipalities if property owners don't pay. Simon said the bonds have 12 years to run, with an outstanding principal of $2,047,000.
He said his goal is to eventually have the county make back the $4 million in back taxes the former owners left unpaid.
Under the agreement approved Monday, the IDA would sell lots to businesses and give the county two-thirds of the purchase price for lots in the front half of the industrial park, closer to Lockport Road. For lots in the back half, the county would get one-third of the price.
In addition, the county would receive 2.5 percent of the payments in lieu of taxes that companies receiving IDA assistance in the park would be making.