Press Release: ECIDA returns one project to Policy Committee, grants incentives to another
ECIDA Board holds off on decision for Main Street retail adaptive reuse project, approves $104,000 in incentives for 760 Seneca Street
adaptive reuse project, generating $1.7 million in investment
Buffalo, NY— The Erie County Industrial Development Agency approved tax abatements Wednesday for SelectOne RE Holdings' $1.7 million "adaptive re-use" rehabilitation and renovation of 760 Main Street near Larkinville. The 120-year-old building will house the executive recruiting company's headquarters on the second and third floors, with an as-yet to be determined professional services tenant on the first floor. The project will generate six new jobs, while retaining SelectOne's current fifteen staffers, and creating an additional six construction jobs.
"We did have considerable discussion on this project, because we wanted to make sure this was not a retail operation," said ECIDA President and CEO Steve Weathers. "But when we held the project's detail up against the statues, we found that it is more of a professional services company, and a very valuable adaptive reuse location. SelectOne's contribution to the local economy by placing people in higher-paying jobs, coupled with rehabilitating this 120-year-old historic building in Larkinville, made this a project worthy of support."
The breakdown of the incentives is as follows:
Real estate tax savings: $77,000
Sales tax savings: $50,000
Mortgage tax savings: $17,000
The Board held off on a request for $35,000 in sales tax incentives requested by 483 Main Street, LLC, for the rehabilitation of the former Christian Science Room at 483 Main Street in Buffalo. The developer's application indicated they would be creating 4,000 square feet of market-rate housing space, and 2,000 square feet of retail space on the first floor. The ECIDA Board sent the project back to the ECIDA Policy Committee for further discussion.
The Board also approved the transfer of $346,800 in property tax savings from Curtis Niagara, LLC (formerly Curtis Screw) to MacLean Curtis, LLC. MacLean is in the process of purchasing Curtis Niagara, LLC, and has agreed to maintain the 165 jobs currently existing at the company, preserving the tax savings awarded to Curtis Screw in 2004.
There are approximately six years remaining on the PILOT, with payments at the 50% level, for an annual total of $9,500 to the County, and $48,200 to the City. When the PILOT rate ends in 2020, the full property taxes will be approximately $155,600.
The Erie County Industrial Development Agency is a public benefit corporation sanctioned by the State of New York to offer tax incentives to qualified businesses, and is dedicated to furthering economic development, adaptive reuse of qualified properties, job creation and ensuring a thriving business environment in Erie County. The staff of the ECIDA are not employees of the City of Buffalo, the County of Erie, or the State of New York. The ECIDA does not receive operating funds from taxpayer revenues. The ECIDA receives its operating funds by collecting fees from businesses that enter into contracts with the Agency, from investments, and from loan fees.
For more information, visit www.ecidany.com