City approves term-limited purchase agreement with Armstrong Pumps
“This is a follow up from when Armstrong Pumps was here at a previous work session,” said Tindell. “They are interested in acquiring Lot 4, Lot 5 and Lot 8 at the Buffalo Bolt Business Park, which constitutes 8.31 acres. They have offered an acquisition price of $41,550, which is based on the price of $5,000 per acre.”
Previously in the year both Ortt and Tindell had the chance to meet with the Chief Executive of Armstrong Pumps when he visited the local facility. Tindell added that the company is still very interested in expanding the facility in North Tonawanda, and pursuing the purchase of the land.
After discussion and as per Tindell’s recommendation, the council agreed upon an 18-month purchase agreement, with the stipulation that the city hold off on any property closing until Armstrong Pumps applies for zoning and building permits.
By holding off on property closings the city can ensure that the company will be moving forward with their expansion and their is no loss to the city, as Armstrong Pumps is not quite ready to begin the construction process of the plant.
Tindell noted the company just has to finalize funds in their capital budget plan prior to moving forward with any big expenditures.
“They are an important local employer and they have been here for a long time,” said Tindell. “When the mayor and I spoke with them, we stressed how important it is for them to move forward as quickly as possible.”
Although some council members showed concern of land locking the acreage at the Business Park, the city has only received notice from one other business for the property; however no other company has made a purchase offer.
In addition to the concern of the acreage being land locked, the council acknowledged that if the property was sold to another interested party that could result in Armstrong Pumps having to relocate their business outside of the city, due to a lack of room for expansion.
The city feels strongly that Armstorng Pumps will follow through with their agreement and start construction as soon as possible.
The property has been on the market since Buffalo Bolt Business Park was completed in 2010.
Alderwoman Nancy Donovan added that she is under the impression that Armstrong Pumps wanted to purchase the land, because it was critical to their expansion. She too, feels the company will move forward with the construction process.
“I think it’s essential and if it’s going to help them stay in NT, then go for it,” said Donovan.
The common council plans to vote on the item at the Tuesday, Dec. 4 meeting, schedule to begin at 6:30 p.m.