Sharon businessman James E. Winner Jr. received a big check Friday but eventually the Sharon Industrial Development Authority will end up with a big payoff.

The authority presented Winner a $1.25 million check for Winner Development LLC for the development of the former Westinghouse Electric Corp. plant in Sharon.

The money is a grant from the state Industrial Development Program through the Department of Community and Economic Development and is a loan to Winner Development. Winner will repay the authority over 15 years at 2 percent interest.

The grant money will be used for work on a power plant substation, Winner said.

The good news is, that money stays in the city, Winner said.

The authority will be able to keep that $1.25 million and use it for other economic development projects in the city.

Chairman John Dolan said the authority doesn't have any specific projects planned for the money, but "hopefully, especially with Mr. Winner, something will be coming along."

Winner said he anticipates that other companies interested in the Westinghouse site will look to the authority for assistance. Three high-technology Israeli companies have expressed an interest in working with Winner Development, he said.

Winner thanked city officials and the authority for their help in securing the grant.

Sharon Council President Fred Hoffman thanked Mayor David O. Ryan and the authority for their work in securing the grant.

"It's good to know we're starting to go places," Councilwoman Chris Outrakis said.

Winner is also applying for a $7 million state grant for the Westinghouse project.