By Thomas J. Prohaska
Updated: February 12, 2012, 7:21 AM
LOCKPORT — 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.
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.
Before Ciminelli’s work, the cost estimate was $18 million, but company officials said when they were hired that they thought they could bring that down.
Jim Cain of Firland Management, a Lewiston, Maine, arena operator, will update the operating budget, Ottaviano said. Also, local schools and minor hockey organizations who previously had expressed interest in playing in a Lockport rink will be asked if that’s still true.
Despite the involvement of city officials such as Ottaviano and R. Charles Bell, director of planning and development, the project is being headed by a not-for-profit organization with no call on the city’s treasury.
“I don’t see us getting involved financially,” Tucker said.
Perhaps I am just missing it, why will the proposed ice rink be so successful? I am not against the idea, I just don't understand why this rink will do better than the Kenan faired. Why not make the necessary repairs to the Kenan Center and update that structure? Seems like it should be more economically feasible and they do have plenty of property for parking. I will make this prediction with a fair amount of certainty, the Dussault property will given or sold to this politically connected group for well under its value, it is a prime piece of real estate that will now be used as a parking lot for a pipe dream.
“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.
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.
Before Ciminelli’s work, the cost estimate was $18 million, but company officials said when they were hired that they thought they could bring that down.
Jim Cain of Firland Management, a Lewiston, Maine, arena operator, will update the operating budget, Ottaviano said. Also, local schools and minor hockey organizations who previously had expressed interest in playing in a Lockport rink will be asked if that’s still true.
Despite the involvement of city officials such as Ottaviano and R. Charles Bell, director of planning and development, the project is being headed by a not-for-profit organization with no call on the city’s treasury.
“I don’t see us getting involved financially,” Tucker said.
Perhaps I am just missing it, why will the proposed ice rink be so successful? I am not against the idea, I just don't understand why this rink will do better than the Kenan faired. Why not make the necessary repairs to the Kenan Center and update that structure? Seems like it should be more economically feasible and they do have plenty of property for parking. I will make this prediction with a fair amount of certainty, the Dussault property will given or sold to this politically connected group for well under its value, it is a prime piece of real estate that will now be used as a parking lot for a pipe dream.
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