The redevelopment plan will serve to provide needed commercial Class A office space to Buffalo’s growing IT hub and stabilize an iconic Buffalo commercial complex.  Approximately $15,000,000 in infrastructure improvements are planned which includes elevator work, fire protection work, internet and technology improvements, plumbing and storm/sanitary systems.

ECIDA’s involvement is limited to providing a mortgage recording tax exemption on the property.

The ECIDA, at the request of the City of Buffalo, will enter into a PILOT Agreement with the developer for a 25-year term.  The PILOT Agreement will provide for full tax payments to both the County and City.  All City of Buffalo PILOT payments will be directed to be paid to the ECIDA.  The ECIDA will create a separate fund for the Accelerator Fund projects as well as other critical downtown streetscape improvements and will reimburse the City for these infrastructure improvements.  The City of Buffalo estimates the dollar amount of revenue generated through the PIF over the 25-year term to be approximately $40,000,000.

· 03/02/2020 - Public hearing held.  

· 03/25/2020 - Inducement Resolution presented to Board of Directors adopting a Negative Declaration in accordance with SEQRA.

· 03/25/2020 - Lease/Leaseback Inducement Resolution presented to the Board of Directors

· 03/25/2020 - Board Resolution to authorize ECIDA to enter into Payment in Lieu of Taxes Increment Financing (“PIF”) for a period of 25 years to fund Accelerator Fund projects  as well as other infrastructure improvements