Commercial Property Reinvestment Program:

Lumber City Development Corporation, in conjunction with the City of North Tonawanda has created a new Commerical Property Reinvestment Program. The goal of this program is to make City owned commerical property available to responsible owners and remedy vacant or blighted buildings in our community. This program will add to the overall revitilization efforts in the City of North Tonawanda. View a list of available properties by clicking here.

Pre-purchase Requirements:

  • Purchasers must submit a Renovation Plan, designating work to be completed by the owner or contractors, as well as evidence of financial ability to execute the renovation plan 
  • Purchaser must submit a Property Use Plan identifying the business or intended tenant that will occupy the commerical space. If planning to lease the space, Purchaser must show evidence of a successful history of property management
  • Purchaser must be in financial good standing with the City of North Tonawanda on any and all municipal taxes and fees

 

Prior to purchasing, interested parties must submit an application form and letter of intent. Property visits can be scheduled by contacting Michael Zimmerman, Director of Community Development, at 716-695-8580. 

Following a satisfactory review of the application and letter of intent by Lumber City Development, a purchase commitment letter will be signed. This commitment will allow the potential purchaser 60 days to submit the required renovation plan and property use plan. Following submission and review of the complete purchase package by Lumber City Development, the purchase offer will be submitted to the North Tonawanda Common Council for review and approval. If approved, a sales agreement will be executed by the Purchaser and the North Tonawanda City Attorney. The property sale can then proceed to closing. At closing, the Purchaser must submit the full purchase amount via certified check or money order.

Following a satisfactory review of the application and letter of intent by Lumber City Development, a purchase pre-approval letter will be issued. This pre-approval will allow the potential purchaser 30 days to submit the required renovation plan and property use plan. Following submission and review of the complete purchase package by Lumber City Development, the purchase offer will be submitted to the North Tonawanda Common Council for review and approval. If approved a sales agreement will be executed by the Purchaser and the North Tonawanda City Attorney. The property sale can then proceed to closing. At closing, the Purchaser must submit the full purchase amount via certified check or money order.

 

The Process:

  1. Submit the Application Form and Letter of Intent for review by Lumber City Development.
  2. If approved, receive a Pre-Approval Letter from Lumber City Development.
  3. Within 30 days, submit a complete purchase package including: Renovation Plan, Property Use Plan, and Purchase Offer.
  4. Lumber City Development will recommend offer for approval to North Tonawanda City Council.
  5. If approved, sign a Sale Agreement with the City of North Tonawanda.
  6. Proceed to closing.

 

To see list of available properties eligible for the Commercial Property Reinvestment Program, please click here