The Erie County Industrial Development Agency Approves Tax Abatement and Revenue Bonding to Spur Nearly $7 Million in Local Development Investment
Feb. 8, 2010 - Buffalo, NY - The Erie County Industrial Development Agency board today approved $806,000 in property, sales and mortgage recording tax abatements, plus a $2.7 million industrial revenue bond, to leverage $6.9 million in new projects.
Flexo Transparent, Inc./Mabry Enterprises LLC will benefit from a $2.7 million industrial revenue bond to expand its successful custom-printed poly/plastic bag manufacturing operation. The loan was facilitated by the ECIDA's sister agency, the Regional Development Corporation.
The 55-year-old company is acquiring properties at 1070, 1132 and 1146 Seneca St. to grow its adjacent bag production and warehousing operations. Flexo/Mabry, which makes custom bags for such key clients such as 3M O-Cell-O, expects to add seven new jobs to its current 98-person workforce.
The ECIDA board approved a $726,250 tax abatement package for a state-of-the-art oral and maxillofacial surgery facility in Tonawanda. OMFS Properties, LLC plans to $2.3 million research, development and clinic project at 711 Young St., in Tonawanda.
The 3,200-square-foot facility, which will operate in conjunction with the University of Buffalo's School of Dental Medicine, will place a special emphasis on providing care to low-income families.
The project, led by Northtowns Oral and Maxillofacial Surgery, will create 10 new medical jobs
The board also approved $80,600 in sales and mortgage recording tax abatement for a $1.8 million project to turn a vacant downtown hotel into an eight-unit apartment building. Kanandague Interests, LLC, a subsidiary of veteran local apartment development/management firm Kissling Interests, is spearheading the project.
The building, located at 201 Huron Street, in the downtown Buffalo's West Village, dates back to 1896. The structure began its life as the 201 Apartments, and was later known as the "Darrow Hotel," "Delmar Hotel" and later as the "Lake Hotel."
The end result will be eight, two-bedroom, two bath residential units averaging 1,250-square-feet in size.