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IDA's Opportunity Zone helping Lockport project

by TSchmitt
Wed, Apr 27th 2011 08:41 am

A high-tech business will be shifting to Lockport thanks to a new program that's helping the three inner-city corridors in Niagara County.

The county's IDA accepted an Opportunity Zone application from the Greater Lockport Development Corporation for the building at 57 Canal Street.

Once renovations to the site are completed, Trek, a manufacturer of high-voltage amplifiers and other products, will move into the building.

The new Opportunity Zone gives businesses within Lockport, the Falls and North Tonawanda a five-year, tax-free window to get business started.

Although it sounds similar to the state's former Empire Zone project, which was killed a few years back, IDA Chair Henry Sloma says that's not the case.

Once into the new facility, Trek is expected to bring 22 new jobs to the region with an annual economic impact of $4.5 million.

 

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