2/13/2012Posted by MJ
The Buffalo News reported that the Ice Rink Complex in the old Jubilee on Chestnut St is gaining momentum again.
It’s been dormant for several years, but city officials were voicing optimism last week that the Lockport Ice Arena and Sports Center may become a reality as soon as this year.
“Recent developments have given us reason to believe that this project will become a reality very soon, and I am committed to making it happen,” Mayor Michael W. Tucker said in last week’s State of the City address.
Corporation Counsel John J. Ottaviano said Ciminelli Real Estate Corp., hired in early December to mastermind the construction and financing of the arena, has submitted a construction estimate of $10 million to $14 million.
More importantly, Ottaviano said, Ciminelli has a plan to sell federal income tax credits to investors whose payments would comprise 38 percent of the construction cost.
Foundation grants also may be announced soon to assist with the funding of the twin-rink complex, to be built in the former Jubilee supermarket on Chestnut Street. Bank loans also are part of the financing plan.
“We’re within $3 million to $4 million of closing this entire deal,” Ottaviano said. “Now that’s a very significant number, but it’s a lot closer than we were before.” The rather large range in the construction budget reflects some decisions not yet made that could add or subtract costs.
A good idea that fills a local and regional need while reusing an unused building in DT. The bad idea is using the old Dussault Foundry site for parking. Why pave over downtown's only view over the escarpment for a parking lot? Why park people (potential customers) farther away from Main St and businesses ensuring they will never go there? Using the existing two lots at Locust and Washburn would put overflow parking within two blocks while getting foot traffic walking past store fronts. Other wise best of luck to the project.
Among them, Ottaviano said, are the exact size and exterior appearance of the building and whether parking should be expanding onto the former Dussault Foundry site at the foot of Washburn Street....