Lockport Union-Sun & Journal — The Common Council approved a deal with M&T Bank this week to finance acquisition of a new paving machine.
The bank is financing the capital lease purchase of the $302,500 machine over five years, at 2.19 percent interest.
To make the annual payments, the city will use some of its annual Consolidated Highway Improvement Program allotment from the state. That arrangement has been approved by the state, city Treasurer Michael White said.
The paving machine was delivered to the city last week and will be into use this summer.
In other business Wednesday, the Council OK’d a property use agreement between the city and Niagara County, which is erecting a new radio tower 611 W. Jackson St. as part of a countywide emergency communication system upgrade. Per the agreement, the county is leasing the land for $1 per year for 25 years.
Also, the Council approved an amended 2013 agreement between the city and Canal Concert Series Inc., which organizes the summertime, Friday night free concerts downtown. Amendments reflect reduction to eight concerts from nine last year, and the series’ new location, the city parking lot off Chestnut Street/behind Lockport Public Library and Lockport Family YMCA.