The Niagara Falls City Council is expected to approve a lease next week with Sandstone Springs LLC, a chemical process solutions company on 24th Street, for three former Union Carbide buildings at 3625 Highland Ave.
Business Development Director Anthony Vilardo said Wednesday that Sandstone would have an option to buy the site for $865,000 during the lease, which is for three years with a three-year renewal option. Half of Sandstone's annual $96,750 rent would be assigned toward the purchase price.
The sale price would reimburse the city for the Seneca Niagara Casino revenue it spent on rehabilitating the buildings, Vilardo said. The city also used two grants: $500,000 from Empire State Development and $200,000 from National Grid.
Sandstone, owned by Canadian businessman John Bordynuik, has hired 15 workers this year, Vilardo said.