ECIDA Approves Incentives Totaling More than $4.5 Million to Support $34 million in Business Investments
Erie County Industrial Development Agency Approves Incentives Totaling More than $4.5 Million in incentives to Support Over $34 million in Business Investments
Agency Also Facilitates $55 Million in Bond Refinancing for a New Dormitory on the Buffalo State College Campus
Buffalo, NY – The Erie County Industrial Development Agency (ECIDA) board of directors today approved $4.5 million in tax abatements to aid six projects totaling $34.4 million in fresh local investments.
Four of projects involve industrial expansion and reinvestment spread across Erie County.
“Hopefully this is a sign of the rebounding of our local industrial economy and we’ll see many more of this category of projects in 2011,” said ECIDA Executive Vice President John Cappellino.
The largest incentive package, totaling $2.86 million in property, sales and mortgage tax savings, will go to Derrick Corporation, of Cheektowaga. The company, a world leader in the design and manufacture of high frequency vibrating machines and screen surfaces used by oil and gas drilling firms, is expanding its plant at 2185 Walden Avenue in Cheektowaga.
The $19.5 million project, which includes a 124,000-square-foot addition, and significant new equipment purchases, is expected to create 36 new jobs over the next two years. Derrick currently employs a workforce of 363.
I Squared R Element Co., located as 12600 Clarence Center Road in Akron, was approved for a $676,000 abatement package. The company, which is the largest U.S. manufacturer of silicon carbide heating elements, is planning a $5.2 million expansion project.
The ECIDA also approved a $482,000 incentive package for McGard, Inc., for a $5 million expansion of its plant, located at 3875 California Road, in Orchard Park. The project, which is expected to create 20 new jobs within two years, also includes installation of a state-of-the-art waste water treatment facility.
McGard makes high quality security products, wheel locks and chrome-plated lugs for customers across North America, Europe and Japan.
The ECIDA board will also aid an adaptive reuse project in downtown Buffalo, as a local law firm converts a vacant building from a former Chinese restaurant to state-of-the-art office space. Valledomo, Inc. will receive $232,000 in tax abatements to fuel the $1.5 million overall of the four story structure at 496 Main St.
Ricotta & Visco, a law firm specializing in health care legal services, plans to grow it staff from 13 to 16 when it moves into the restored 11,400-square-foot building which was formerly home to the Happy Garden restaurant.
Sonwil Distribution Center, Inc. saw its request for a $175,000 abatement package okayed. The company will invest $2 million into equipment upgrades at its warehouses located at 4900 North America Drive, in West Seneca and 611 Jamison Road, in Elma.
The ECIDA also approved $90,000 for establishment of a children’s dentistry office to be located at 1100 Main Street in Buffalo. The $1.2 million project will result in a 15-chair pediatric dentistry facility on the Buffalo Niagara Medical Center with a special focus on disabled patients. The office will create 20 new jobs and act as a teaching lab for the University at Buffalo Dental School.
Also today, the Industrial Land Development Corporation, took final action to approve reissuance of $55 million in bond s for construction of a new dormitory at Buffalo State College. The five-story, 245,000-square-foot residential structure now being built at the corner of Grant Street and Rockwell Road will offer student suites with 507 beds.