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Lockport development agency refinances mortgage

LOCKPORT – A mortgage refinancing on a sprawling city-controlled multitenant complex was approved Thursday by the city’s development agency.

The Greater Lockport Development Corp. board agreed to a 10-year, $3.5 million mortgage from Evans Bank on Harrison Place, the former auto parts plant at Walnut and Washburn streets, at an estimated interest rate of 3.98 percent. The actual rate “depends on the cost of funds on the day of closing,” said Joan G. Aul, corporation chairwoman. The move will save $33,000 a year on mortgage payments.

Since 2013, the city-controlled entity that owns the building, 210 Walnut LLC, has been carrying a 6.25 percent mortgage from Five Star Bank. Brian M. Smith, city planning and development director, said 231 people work at 48 businesses in Harrison Place, a five-building multitenant facility.

Also Thursday, the development corporation board approved two microenterprise loans: $14,000 to Ideal Innovations, a machine job shop in Harrison Place, and $12,000 to Glamour Beauty Parlor, a start-up business in Old City Hall, 2 Pine St.

The board also appointed Gary T. Bennett, a senior transportation planner at the Niagara Frontier Transportation Authority, to an open board seat vacated by Heather B. Peck when she became vice president of the corporation last month.