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Lockport Council authorizes sale of Canal Street building

by TSchmitt
Thu, Apr 7th 2011 07:50 am

The Lockport Common Council voted to authorize the Mayor to sell 79-81 Canal St to the Hydraulic Race Corp. for $70,000 on Wednesday night.

The sale met with opposition from Aldermen Andrew Chapman and Jack Smith. Chapman questioned why the money from the sale was going to the Greater Lockport Development Corporation (GLDC), but Alderwoman Richelle Pasceri explained the money is being sent to the right organization. 

Smith was not happy that the Council had not been able to meet with the GLDC as requested prior to voting. He also mentioned that requests for information concerning Canal Street had been refused, an accusation that the Mayor denied.

The terms of the sale included that the GLDC maintain a first right of refusal to reacquire the property for a period of 10 years from the date of the deed in the event the Hydraulic Race Company transfers any interest in the property and that Clarence Burkwit maintain not less than 51 percent control of the Hydraulic Race Company for a period of 10 years. The city planning board has 45 days to refuse the sale.

 

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