ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY LEVERAGES $4.85 MILLION IN PRIVATE INVESTMENT VIA $669,300by chocieni
ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY LEVERAGES $4.85 MILLION IN PRIVATE INVESTMENT VIA $669,300 IN TAX ABATEMENT INCENTIVES
Agency Also Picks First Niagara as its Bank and Approves an $800,000 Loan for Perry's Ice Cream
Buffalo, NY - The Erie County Industrial Development Agency Board of Directors today approved incentive packages totaling $669,300 local industrial, retail and hospitality projects.
Gemcor II, LLC received $583,300 in sales, property and mortgage recording tax abatements to aid its $3.13 million plant expansion. The 74-year-old
The company, which produces rivets and other fastening components used primarily in the aerospace and aviation industries, is expanding its current 80,000-square-foot plant in response to increased demand for its products. The new wing will house a heavy-duty crane and state-of-the-art manufacturing equipment.
Gemcor anticipates increasing its 55-person workforce by 11 over the next two years.
The ECIDA board also agreed on a $48,000 sales and mortgage recording tax abatement for developer Buffalo David Pawlik to demolish a long-vacant commercial building at 2137 Seneca Street to make way for construction of a new retail structure. The property, the site of a former dry cleaning facility has undergone a major environmental cleanup. The IDA benefits will help offset the additional costs associated with the development of the brownfield site, which is estimated at over $60,000.
The $1 million project will bring a 9,100-square-foot Family Dollar store to the site. Opening of the store will create eight, full-time and four, part-time jobs.
The agency board also approved $38,000 in sales tax abatements for the owners of the Sleep Inn Buffalo Airport, Inc. Paul and James Stephen plan a $550,000 overhaul of the hotel at
The project includes updating of all rooms, the lobby and common areas, with new carpeting and furniture throughout the Sleep Inn.
The hotel plans to create two, full-time and three part-time jobs as a result of the extensive renovations.
The board also awarded its prime deposit banking business, approximately $15 million annually, to First Niagara Financial Corporation. The ECIDA and its sister entities, the Regional Development Corporation (RDC) and the Industrial Land Development Corporation (ILDC), issued a joint request for proposals to the 10 largest area banks and received five bids.
In other action, the board approved a request by Kaleida Health Systems to lease the
The RDC board also approved an $800,000 low interest loan for Perry's Ice Cream of Akron. The ice cream company received a $2 million loan from the agency in 2007, which has a current balance of $1.2 million. The treat maker will use the new $800,000 cash infusion for working capital to support efforts to increase distribution operations.
Perry's is investing $6.4 million to the overall effort which includes delivery of non-ice cream snacks for other manufacturers via its distribution channels.