Trek considers move to Lockport
Mayor Michael Tucker said the deal is at the “five yard line” but they are hopeful the project will go through.
Trek would bring more than 100 existing jobs to area, who would spend money in the Lockport community. There are also expansion plans, which could potentially create 24 new jobs for the area.
“It’s really a great opportunity for the (Greater Lockport Development Corporation) and Harrison Place,” said Tucker, who called this a “dream scenario.”
A subsidiary of the GLDC, 210 Walnut Street LLC plans to renovate two floors of building four of the former Harrison Radiator complex, a more than $3 million project.
Trek has out grown their 30,000 square foot Medina location and is currently looking at Lockport and a site in North Carolina. They must leave their Medina building by spring 2013.
A 10-year lease would be signed upon completion of the renovation project to Harrison Place, making Trek the anchor tenant. The third floor of the building will be reserved for Trek’s expansion over five years. They also have a future purchase option for the entire building.
“The fact is that Trek was leaving Medina and looking at other sites in New York state and locations throughout the country,” Niagara County Industrial Development Agnecy Chairman Henry Sloma said. “At least we’re able to keep the existing jobs in Western New York, but the added benefit is the creation of the new jobs and investment and a re-use of a former industrial site.”
The NCIDA received the tax-relief application for 210 Walnut Street LLC who is requesting a five-year Opportunity Zone PILOT followed by a 15-year commercial PILOT, sales tax abatements and mortgage recording tax abatement.
The estimated cost benefit analysis calculates the project will have an annual positive economic impact of approximately $18.8 million in Niagara County.
Tucker said financing and a few other pieces have to fall into place for the project to move forward.
Renovations would begin on the property in January 2013.
“It’s a good project for the city,” he said. “But there are a lot of moving parts that will all come together really fast.”
Trek is a manufacturer of high voltage amplifiers, electrostatic measurement instruments and a variety of other high tech products.
With many of the upcoming projects in the city, Tucker said 2013 will be an “exciting time.” That is when the Flight of Five project will begin, along with construction on the ice rink and the demolition of the parking ramp.
“It will be an interesting period of growth,” he said. “Next year has to potential to be a really exciting time.”
In other city news:
• Lockport may have a buyer for the current Sprint lease for their cell tower in Outwater Park.
According to Tucker, Landmark Dividend LLC is interested in taking over the lease, which has 12 years left of a 25-year contract.
Sprint currently pays $15,408 per year in their contract.
The city will be seeking a second proposal before making their final decision.
“I think it’s a great opportunity for us going in to 2013,” said Tucker.”