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With little fanfare or discussion, the
Niagara County Industrial Development Agency Thursday approved a
request from “Niagara at Barton Hill” developers Ed and Diane Finkbeiner
to take a leasehold interest in their soon-to-be 66,000 square foot,
78-room First Street inn. Citing positive feedback from a Nov. 21
public hearing, namely Village of Lewiston Mayor Richard Soluri’s
endorsement, the IDA board of directors unanimously agreed to provide
financial assistance in the form of tax exemptions and abatements
(see box).
The IDA staff noted in its project review that the
hotel was consistent with agency policy and legislation, therefore
qualifying for tax benefits.
The Village Board approved the development on Oct.
17. Work began on the project that week, with a target opening set
for June 2006.
Board Work Session
The Board of Trustees met Monday, and used its work
session to plan for Dec. 19’s regular meeting. Sewer use charges
and their impact on residents and developers – current and future
– was discussed in brief, with the board seeking more information
to better inform the public in two weeks.
A public hearing, on a potential sewer rate increase,
will be held at 6:30 p.m. that night prior to the scheduled meeting.
Additionally, the board said cleanup work is continuing
on the Eighth Street plateau, which leads into Artpark. Soluri said,
“It looks real good.”
“We’re not anti-environmental,” the mayor said.
Excess dirt is being considered for reuse pending
an environmental study of its composition. |
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IDA Analysis
The cost of the “Niagara at Barton Hill” is
estimated to be $6.7 million, including $3.5 million for construction,
$1.1 million for land and $1 million for machinery and equipment.
Company savings under the IDA agreement are estimated to be
$1,024,550.
The inn’s financiers will start with an 80 percent
tax abatement, which will decrease by 5 percent each year
during the 10-year commercial P.I.L.O.T., or payment in lieu
of taxes, lease. In year one, the village will receive 100
percent of the land’s taxable value, and 20 percent of the
building’s value. By year 11, the village will receive 100
percent of both taxes.
The inn’s benefits, over a three-year period,
include a projected 36 full-time, 22 part-time and 12 seasonal
jobs, and $3.744 million in taxes and other purchases – not
including a potential bed tax. |
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