LOCKPORT – The Greater Lockport Development Corp., the city’s development agency, voted last week to approve a $480,000 contract for a state Economic Development Fund loan to pay for interior renovations at Harrison Place.
The project, underway now, will create space for the Torrent subsidiary of Trek Inc., an electronic instrument manufacturer, to move from Orchard Park to Lockport this summer and set up shop next to Trek’s plant at Harrison Place.
Planning and Development Director Brian M. Smith said Trek’s lease payments will be adjusted upward to enable 210 Walnut LLC, the city-controlled entity that owns Harrison Place, to pay off the 20-year loan. Smith said the interest rate is expected to be between 4 and 4.5 percent.
Also, the development agency decided to seek a state business incubator grant for use at Harrison Place. Smith said the maximum available award is $125,000 a year for three years, and Harrison Place would have to pay one-third of the cost of any project that would provide services to businesses starting up at that complex.