After a two-hour closed-door session Thursday, the directors of the city's development agency agreed on the text of a contract for the Richmond Avenue redevelopment project, but did not vote on it.
Corporation Counsel John J. Ottaviano said the draft will be sent to Rochester developer Ben Kendig and if he approves, the directors of the Greater Lockport Development Corp. could vote on it next Thursday. The Common Council also must vote on it.
Mayor Michael W. Tucker, chairman of the agency, said there were "no major changes." The city and Kendig have been haggling over details of the deal for months, although the main terms have been clear for three years.
The city is to give Kendig a 40-year lease as landlord of four 19th century buildings the city wants restored into commercial space. Kendig is to receive a $600,000 no-interest loan from the GLDC and is to invest $239,000 of his own money in the renovation project.