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The Erie County Industrial Development Agency Approves Additional Inducements to Aid Projects for Perry's Ice Cream and Larkin Development

by chocieni
Mon, Nov 21st 2011 11:30 am

 THE ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPROVES ADDITIONAL INDUCEMENTS TO AID PROJECTS FOR PERRY'S ICE CREAM AND LARKIN DEVELOPMENT

 

Buffalo, NY - The Erie County Industrial Development Agency today approved $43,750 in sales tax abatements to assist Perry's Ice Cream Inc. in upgrading facilities in Akron and Newstead.

 

The 93-year-old confection producer plans $500,000 in projects to update material handling equipment and make warehouse improvements at One Ice Cream Plaza, in Akron, where the company is headquartered.

 

Perry's will also expand refrigerated space to make room for increased inventory and invest in hand-held technology for delivery drivers at its site at 11358 Main Street in Newstead.

 

The two projects will boost the roster of full-time employees to 280.

 

In September, the ice cream company received an $800,000 low interest loan for working capital to support efforts to increase distribution operations. Perry's is investing $6.4 million to the overall effort which includes delivery of non-ice cream snacks for other manufacturers via its distribution channels.

 

The ECIDA board also amended a tax inducement package for Buffalo's Larkin Development (aka LCo Building, LLC) to further aid redevelopment of buildings at the corner of Seneca and Van Rensselaer streets.  The development firm, which brought the massive LCo Building back to life, previously received $2.1 million in tax abatements for an $8.4 million overhaul of the adjacent U Building, which now houses First Niagara Financial Group employees.

 

Larkin has now boosted the price tag for those renovations, plus additional work on a former gas station and plaza next door, to $13.4 million.  The ECIDA board agreed to increase mortgage recording tax forgiveness by $25,000, to $100,000, from an original $75,000.

 

The former gas station will become a restaurant in 2012, with indoor and outdoor seating on the adjoining plaza, which is now under construction.

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