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ECIDA Board Approves Inducements for Landmark $3.7 Million Adaptive Reuse Project on Buffalo's West Side

by chocieni
Thu, Sep 9th 2010 11:50 am
July 12, 2010 - Buffalo, NY - The Erie County Industrial Development Agency today approved a $167,000 package of sales and mortgage recording tax abatements for 346 Connecticut, LLC for adaptive reuse of the former Horsefeathers Antiques building on Buffalo's west side. 

The $3.7 million project will convert the 114-year-old structure into food market and 16-unit loft apartment complex, creating 25 new jobs. White Cow Dairy, an East Otto-based organic producer of yogurt, milk and other dairy products, plans to utilize 10,000-square-feet of space on the revamped building's first floor for retail and production.

In other action, the ECIDA's Regional Development Corporation approved low-interest loans for two local businesses.  Triad Synergy Group, Inc., a safety products firm, located at 537 Fillmore Ave., will receive a $150,000 loan.

South Side Kustoms, a custom motorcycle builder, located at 596 Michigan St., is getting a $25,000 microloan.

The board also tweaked a $10 million tax-exempt bond package for Galvstar, LLC.  The investment group is converting a portion of the former American Axle plant at 1001 E. Delavan Ave. in Buffalo to a steel galvanizing operation.

In June, the ECIDA board gave preliminary approval to incentives for the $23.8 million project which is expected to create 100 new jobs within two years. The tax exempt bond dates back to a 2003 deal with American Axle.

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95 Perry Street, Suite 403, Buffalo, NY 14203 | Phone: 716-856-6525 | Fax: 716-856-6754