Featured News - Current News - Archived News - News Categories

ECIDA Approves Incentive Packages Totaling $2.8 Million to Support Nearly $77 Million in AdaptiveReuse of Endangered Buffalo Buildings

January 11, 2010 - Buffalo, NY - The Erie County Industrial Development Agency Board of Directors today approved a pair of tax abatement packages that will lead to $76.6 million in adaptive reuse investments. Some $70 million of that will be used to bring the idle AM&As site back to life.

The board agreed to incentives totaling at least $1.9 million in sales tax forgiveness, plus a mix of property and mortgage recording tax abatements for the landmark downtown site.  The final amount will reflect the as-yet-to-be-determined building purchase price.

ECIDA Executive Vice President John Cappellino said said Signature Development of WNY, LCC's plan to revive the downtown landmark as a mix of hotel, office and other commercial space is a great fit with the agency's support of adaptive reuse projects.

"That building is a poster child for adaptive reuse," Cappellino said.  "It's such a well-known site that sits in the heart of downtown Buffalo."

Buffalo developer Rocco Termini plans for the century-old, 10-story structure include a Hilton Garden hotel. The Amherst-based Hamister Group is co-developing the hotel and plans to move its headquarters to the building at 377 Main St.

The project is expected to create 50 new jobs.

The ECIDA board also approved a $245,000 package of sales and mortgage recording tax abatements for Newark Niagara, LLC for a $6.6 million project at 55 Chicago St., in Buffalo.  The group, led by Buffalo architect Clinton Brown plans to overhaul the former E & B Holmes Machinery Co. complex into live/work lofts and commercial space. The Civil War-era former barrel-making, which will be known as The Cooperage, plant is located along the Buffalo River.

The ECIDA board also renewed a previously-approved funding package for Iskalo Development Group for an $8.6 million redevelopment project at 2780-2800 Delaware Ave. in Kenmore.  Islako, which overhauling the former Kane-Doyle auto dealership site, was originally approved for tax abatements and an industrial revenue bond in February 2009.

The board also renewed a $1 million industrial revenue bond for Arrow Grinding, Inc, which is expanding its business at 525 Vickers St. in Tonawanda. The bond sale received initial approval in 2008.

中华彩票网 天水市 永康市 成都市 商洛市 大庆市 镇江市 临夏市 阜新市 巴中市 萍乡市 崇州市 邓州市 平度市 河津市 台中市 衡水市 明光市 凤城市 吉林省 石首市 龙海市 黄石市 叶城市 都匀市 武穴市 朝阳市 青岛市 凤城市 葫芦岛市 仙桃市 合肥市 孝感市 邢台市 兴城市 平度市 利川市 洮南市 信阳市 常州市 宁国市 南阳市 徐州市 北宁市 邢台市 鹿泉市 池州市 北宁市 台中市 华阴市 延吉市 铁力市 兴城市 淮安市 汉川市 东阳市 焦作市 西安市 佛山市 潍坊市 甘肃省