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IDA approves applications that 'strengthen the economic stability of a community'

by Olivia
Thu, Mar 10th 2011 05:00 pm

The Niagara County Industrial Development Agency board of directors this week approved applications for assistance submitted by Jai Devi Inc., which plans to renovate a vacant building in Niagara Falls into a boutique hotel, and Dojo, LLC, which will be expanding the office building of a long-standing community medical practice in Wheatfield.

"The applications for assistance that were approved today are consistent with agency policy and are the exact types of projects that strengthen the economic stability of a community," said Henry M. Sloma, chairman, Niagara County Industrial Development Agency on Wednesday. "Because of the assistance we are able to offer, a Niagara Falls eyesore will be transformed into a new hotel and a Niagara County medical provider will be able to expand to offer services to more local residents."

The NCIDA approved the application of assistance from Jai Devi Inc. that plans to renovate the vacant former Heritage Manor Nursing Home on Buffalo Avenue in Niagara Falls into an 11,000 square foot 32-room boutique hotel.  The project investment is $450,000 and will create five new fulltime jobs within two years.  Jai Devi Inc. will receive a 10-year standard commercial PILOT, sales tax exemptions and mortgage recording tax exemption.  This project will help in the rehabilitation of the Buffalo Avenue neighborhood of Niagara Falls, while providing for adaptive reuse of an abandon facility.

In addition, the agency also approved the application of assistance from DOJO, LLC a real estate holding company for Wheatfield Pediatrics, which has been serving the community since 2000. The approved assistance of a 10-year standard commercial PILOT, sales tax exemptions and mortgage recording tax exemption will help the growing medical practice expand its current location to meet the demands of its patients. Dojo will invest $623,360 in constructing a 3,500 square foot addition to its building at 2890 Niagara Falls Blvd. in Wheatfield. The expansion will create four full-time and three part-time jobs, while retaining the 14 full-time and eight part-time employees.

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