ECIDA cuts Hyatt a tax break
Business First of Buffalo - by James Fink
As the Hyatt Regency Buffalo hotel completes the final phase of its $15 million top-to-bottom face lift, the project received a financial boost from the Erie County Industrial Development Agency.
The ECIDA's directors approved an abatement package for the Hyatt that will save the 396-room hotel $203,000 in sales taxes. The abatement was granted to West Genesee Hotel Associates, the Hyatt's official owner.
"This enables us to complete the renovation project," said Paul Snyder Sr., Hyatt Regency Buffalo owner. "Our with this project is to create the first-class, full-service hotel in Western New York. This allows us to complete that plan."
Work on the 26-year-old Hyatt began three years ago.
The current phase calls for the installation of energy-efficient heating and cooling systems, a new salon and spa and the construction of a Starbucks coffee kiosks. The hotel's swimming pool was also restored and re-opened.
With the work, Snyder said he will be adding 60 full-time workers at the hotel, giving the Hyatt 293 employees.
The work comes as the Hyatt is preparing to welcome a new general manager. Michael Marsch, the Hyatt's general manager for the past five years, left the hotel last week and is being replaced by Jay Delvecchio, who is moving to Buffalo from Washington, D.C.
Marsch was active in a number of downtown and hospitality industry trade groups, including the Buffalo Niagara Convention & Visitors Bureau and Buffalo Place Inc., where he is a director. He is also the president of the Western New York Hotel & Motel Association.
Besides the Hyatt abatement package, the ECIDA directors also:
• Approved $65,000 in sales and mortgage recording tax breaks for Chris Jacobs' efforts to renovate the historic 678 Main St. building, a century-old structure. The building fits under the agency's adaptive re-use policy.
Jacobs is planning a mixed use development for the building.
• Set into motion plans to kick in $20 million federal Recovery Zone Bonds that will aid four local projects including plans by developer Mark Croce to renovate the Curtiss Building on Franklin and Huron streets into a boutique hotel.
Other projects aided by the federal program include: Seneca Exchange Larkin Partners for a mixed-use development on Seneca Street; Multisorb Technologies for expansion of its West Seneca and Cheektowaga plants; and Iskalo Development's conversion of the former Kane-Doyle auto dealership in Kenmore into a multi-tenant office and retail complex.
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