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ECIDA Board Approves $1.2 Million in Inducements to Spur $12.3 Million in Local Development Projects

August 9, 2010 - Buffalo, NY - The Erie County Industrial Development Agency today approved a mix of tax abatements to aid projects in Buffalo and the Town of Tonawanda.

WNY Lodging, LLC, which is planning a $5.6 million conversion of Buffalo's Adam's Mark hotel to a Crown Plaza property, was approved for a $470,000 sales tax break to aid the overhaul. WNY Lodging, an affiliate of Corning-based Visions Hotels Inc., plans to renovate all 486 rooms at the property, as well as upgrade its conference center and meeting space, as part of the overhaul.

Visions projects the change to the Crown Plaza nameplate will create 12 additional full-time jobs. The hotel currently employs 137 full-time and 110 part-time staffers.

Visions purchased the Adams Mark in early 2009 for $8.87 million with plans for a top-to-bottom renovation and name change.

The ECIDA board also approved a tax abatement package for Anderson Equipment Company, Inc., totaling $816,000, to aid in the relocation and expansion of its New York headquarters. The Pennsylvania-based company, which bought out Buffalo's Rupp Rental and Sales in 1996,is moving from 101 Great Arrow Drive, in Buffalo, to 2140 Military Road in the Town of Tonawanda.

Anderson plans a $6.6 million overhaul of the vacant industrial building, a project that will include asbestos removal and infrastructure improvements. The ECIDA's incentive includes $520,000 in property tax abatements, $229,000 in sales tax savings and a $67,000 mortgage recording tax waiver.

Also on Monday, the Regional Development Corporation, the lending arm of the ECIDA, reported approval of three business micro-loans. The low-interest loans are going to Café at Masten and Eaton, 230 Masten Ave., Buffalo, ($35,000), Cedar's Bakery, 3176 Abbott Road, Orchard Park and 111 Dingens St., Buffalo, ($35,000) and Thou Art is Beautiful, 1832 Main St., Buffalo ($5,000).

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