In a deal that has been negotiated for the past few years, the Enterprise Charter School in downtown Buffalo will be buying and expanding much of its current location.
The Buffalo and Erie County Industrial Land Development Corp., an arm of the Erie County Industrial Development Agency, has agreed to sell much of the multi-tenant building to the charter school. Enterprise, who leases the building from ATC of Buffalo and Erie County Inc. - another ECIDA affiliate, will acquire the bulk of the complex, while the county industrial development agency will remain in its 13,000-square-feet of office space for the foreseeable future.
The ILDC directors, Monday morning, approved an $8 million inducement package for Enterprise Charter that will help it finance the deal and also aid in the financial package for a proposed new gym it wants to build.
Enterprise Charter School has been a tenant in the building, located along the Elm-0ak Corridor, since 2001. It signed a 20-year lease that included both renewable and purchase options.
The ECIDA moved to the building from the Liberty Building 15 years ago.