LOCKPORT – Niagara County made a $378,000 down payment Friday on the three downtown Lockport office buildings it won in an auction Thursday, County Manager Jeffrey M. Glatz said.
The payment wired to C-III Capital Partners equals 10 percent of the bid price of $3.6 million, plus one-tenth of the $180,000 “buyer’s premium” charged by the company that ran the Internet auction.
Glatz said the money was taken from the county’s fund balance, and he will recommend to the Legislature that half of the total cost be taken from that source, while the other half should be borrowed through a 10-year bond issue.
If C-III approves the deal, the county will take control of 50 Main St., 111 Main St. and 20-40 East Ave. The county currently leases the latter two for offices, while 50 Main, originally a bank, has been vacant since the Niagara County Community College Small Business Development Center moved back to the college’s Sanborn campus three years ago.
C-III took over the buildings in September after the previous owner, a California company called 37 Holdings-Lockport, was hit with a mortgage foreclosure in December 2013. The California company bought the three buildings from Lockport developer David L. Ulrich for $9.1 million in 2005.