THE ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY TODAY APPROVED NEARLY $1.3 MILLION IN TAX ABATEMENTS TO SUPPORT OVER $27 MILLION IN INVESTMENT FOR PROJECTSby chocieni
THE ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY TODAY APPROVED NEARLY $1.3 MILLION IN TAX ABATEMENTS TO SUPPORT OVER $27 MILLION IN INVESTMENT FOR PROJECTS
IN BUFFALO AND KENMORE
The four projects will spawn 59 new local jobs over the next two years
Buffalo, NY - The Erie County Industrial Development Agency today gave approval to tax abatement packages totaling nearly $1.3 million to leverage more than $27 million in industrial, residential and service industry projects for four local companies and investment groups.
Rich Products Corporation tops the list with an $853,000 sales tax inducement to aid its $18 million plan to upgrade its Niagara Street global headquarters on Buffalo's west side to create a world-class Research and Development department and Innovation Center.
The project, announced last month, will add 17 full-time jobs to Rich's 743-member Buffalo workforce. Rich's also plans to deepen its links to local universities and colleges, the culinary community and mixed-use projects in its neighborhood to promote resurgence of West Side and Black Rock Channel waterfront.
The ECIDA board also approved a $302,000 package of mortgage recording and sales tax abatements for Main & Cathedral Development, LCC, for its $6 million adaptive reuse efforts of the 107-year-old building, formerly known as The White Building.
Over 70 percent of the 110,000-square-foot office building building with first floor retail has been empty for nearly three years due to the departure of the Damon & Morey law firm. Building owner, Kissling Interests, which has a strong track record of reviving vacant and failing historic buildings in the Buffalo area, plans to overhaul the Main Street landmark into a mix of office, residential and retail space. The developer will adhere to LEED Silver reconstruction standards.
Commercial tenants which will populate the first four floors include: Globe Market eatery, Liquid Energy, Kissling Interests, Tronolone Law Firm and Masiello Martucci, a lobbying firm and the Zdarski Law Firm. Additional commercial space will be added on floors four through six, with work/live apartments on floors seven through 11. The 11th floor will also feature two penthouse apartments with rooftop gardens.
The revived space is expected to create 21 new jobs in the heart of downtown.
A joint venture between Creative Storage Systems, Inc, David Pawlik and New Covenant Church was approved for $78,000 in sales and mortgage recording tax breaks. The trio is planning to turn the former church and meeting hall at 786 Kenmore Ave., in Buffalo, in 14 residential units and commercial space.
The $1.73 million project in the declining neighborhood is expected to boost surrounding property values by bringing 24/7 life to the site, while creating two full-time jobs.
The ECIDA also okayed a $59,000 tax abatement package for ATSBNY, LLC, an engine testing facility which is relocating to 1110 Military Road, in Kenmore. The four-year-old business, which started as an engine test site for General Motors, is currently leasing space in the Tonawanda Commerce Park.
Through its purchase and build-out of the 100,000-square-foot building on Military Road, ATSBNY expects to grow its employee roster from 11 to 30 in its first two years of expanded operations.
The ECIDA board also approved providing $100,000 to the Buffalo Building Reuse Project. The money will be drawn from a new $2.2 million fund established in the agency's 2013 budget to make Urban Development Agency Grant Re-Flow dollars available to certain non-traditional projects.
The Buffalo Building Reuse Project was established to coordinate public and private sector investment in key structures in Buffalo's downtown core, reducing vacancies and boosting downtown employment levels.
The City of Buffalo has committed $11.25 million to the plan, while the New York State Dormitory Authority, National Grid and other sources will provide another $8.25 million to the effort.
The board also approved a tenancy change for a building at 55 Innsbruck Drive, Cheektowaga, for which it provided expansion funding in 2003. Cello-Pack Corporation, the ECIDA's client, is planning a sale to Trinity Packaging Corporation, based in Armonk, NY, which will take over the facility.