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Again, sale of Ulrich City site seen; Tax break transfer OK'd in Lockport

For the second time in seven months, a tentative sale of Ulrich City Centre has been announced.

This time, the buyer is supposed to be Siesta Development, a newly formed Buffalo company whose principal is Darrel R. Lloyd, an appraiser at KLW Group in Amherst.

The Niagara County Industrial Development Agency on Wednesday approved the transfer of the property tax break on the commercial complex from Ulrich Development Corp. to Siesta.

Owner David L. Ulrich said the sale hasn't closed yet.

In November, the IDA board approved the transfer of the tax break to Timothy R. Gelder, vice president and chief financial officer of Barden & Robeson Corp., Middleport. However, that deal fell through.

"The buyer wasn't able to obtain financing," Ulrich said Wednesday.

He declined to discuss the sale price, calling it "very modest." However, Siesta's application says the company intends to obtain a $2.8 million mortgage while investing $600,000 in equity -- a total of $3.4 million.

"We accomplished our mission by developing a part of Main Street which was undeveloped for a generation and a half," Ulrich said. "We built a legacy project which will be there for a century."

The tax break on the complex runs through 2021. The project comprises two rows of commercial storefronts, one facing Main Street and the other Walnut Street, with a parking lot in between.

The parking lot, referred to as a "courtyard," is the site of Lockport's Friday night rock concert series.

Siesta's application to the IDA seeks a mortgage tax exemption that would save $28,000 for the buyer. The current annual payments in lieu of taxes to the city, county and Lockport City School District total $27,989.

Lloyd did not return calls seeking comment.

email: tprohaska@buffnews.com