Featured News - Current News - Archived News - News Categories

ECIDA Board approves $691,000 in tax incentives for three adaptive reuse projects

Wed, Dec 17th 2014 04:00 pm

Download PDF: ECIDA BOARD MTG 121714.pdf 

ECIDA Board approves $691,000 in tax incentives on three adaptive re-use projects, generating $18,140,087 in private investment in the City of Buffalo

Buffalo, NY—The Erie County Industrial Development Agency Board of Directors unanimously approved $236,000 in tax savings Wednesday for Iskalo Development Corp.'s proposed adaptive re-use modification of 1391-1395 Hertel Avenue.  The former St. Margaret's Roman Catholic Church will be converted into a mixed-use facility including 23 one and two-bedroom apartments, and 2,000 of commercial space.  The 30,000 sq. ft. building once housed an elementary school, but due to low enrollment the school closed after the 2011-2012 school year.

"This project is a very good example of our adaptive re-use incentive policy," said ECIDA President and CEO Steve Weathers.  "Not only will the developer be bringing a vacant, unused building back to life, but a property that was previously not on the tax rolls due to its nonprofit church-owned status will now be generating County and City property taxes," Weathers said.

The breakdown of the incentives is as follows:

Sales tax savings: $193,000

Mortgage tax savings:  $43,000

Estimated new tax revenue generated:   $2,101,753

The total project cost is $5,411,625.


The Board unanimously approved $420,000 in sales and mortgage tax savings for the adaptive re-use of 285-295 Niagara Street by Schneider Development.  The series of buildings totaling 55,000 sq. feet will be renovated into forty one and two-bedroom apartments, with 9,400 sq. ft. set aside for food manufacturing on the first floor. The apartments, which will be market rate, will feature a rooftop deck for tenants and restored historic components in the buildings, the oldest of which dates back to 1853.  Ru's Pierogies, a start-up food manufacturer, is expected to occupy the commercial space on the ground floor.

The breakdown of the incentives is as follows:

Sales tax savings: $369,000

Mortgage tax savings:  $51,000

Estimated new tax revenue generated:   $3,336,063

The total project cost is $11,663,462.


The Board also approved a $35,000 in sales tax savings for what turned out to be a long-debated proposed adaptive re-use development during meetings of the ECIDA Policy Committee.  Peter and Rebecca McCauley applied for the incentives in addition to investing more than $1 million of their own funds to renovate 483 Main Street in downtown Buffalo. The former Christian Science Room will become two market-rate apartments, with retail space on the first floor.  The Policy Committee did not send any recommendation to the Board of Directors, and a change in the application information after the application was submitted caused some concern among some ECIDA staff and Committee members.

At the Board's December 17 meeting, however, the incentives were granted in a 14-1 vote. The total project cost is $1,065,000, with $247,778 in estimated new tax revenue generated.


The Erie County Industrial Development Agency is an independent, public benefit corporation

sanctioned by the State of New York to offer tax incentives to qualified businesses, and is dedicated to furthering economic development, adaptive reuse of qualified properties, job creation and ensuring a thriving business environment in Erie County. The staff of the ECIDA are not employees of the City of Buffalo, the County of Erie, or the State of New York. The ECIDA does not receive operating funds from taxpayer revenues. The ECIDA receives its operating funds by collecting fees from businesses that enter into contracts with the Agency, from investments, and from loan fees.

For more information, visit www.ecidany.com


© 2011 - Amherst IDA - All Rights Reserved 

4287 Main Street, Amherst, NY 14226 | Phone: 716.688.9000


Powered by Fission Content Management System | Buffalo Website Design by 360PSG