Agency also accepts applications for assistance for two projects including first project in Niagara Falls under Opportunity Zone program
The Niagara County Industrial Development Agency board of directors today tabled an application for assistance from One Niagara LLC for a proposed $6 million renovation of the Niagara Falls landmark on 360 Rainbow Blvd. The board did agree to revisit the application in the future when the owners of the building could provide additional information.
"The board was unanimous in tabling the application until the owners of the building and the property provide us a satisfactory plan to settle its tax arrears, including financial guarantees. Additionally, the board wants to see from the owners a comprehensive and long-term business development plan," said Henry M. Sloma, chairman, NCIDA. "We strongly support private sector investment and development in downtown Niagara Falls, especially for a gateway building to our region and country, but the application from the ownership group needs to be refined before we consider it."
The board also accepted applications for assistance for consideration from Impressive Development Inc., which plans to purchase and renovate a vacant building in North Tonawanda to expand its operations, and Surgit Singh to renovate and expand a closed and dilapidated gasoline station in Niagara Falls. This project marks the first Opportunity Zone application within the City of Niagara Falls.
Impressive Development is an embroidery and promotional products company located at 601 Division St., North Tonawanda, which has been in business in Niagara County for the past 20 years. The company plans to purchase an abandoned building located at 525 Wheatfield St., North Tonawanda, to increase its manufacturing business and allow it to add laser garment decoration, a new technology in printing on garments, along with traditional silk screening to its business offerings. The building will require major renovations, repairs and upgrades to the plumbing.
The company anticipates making some of the space available for lease by other commercial and/or manufacturing tenants. The projected cost is $960,000 and will create four new jobs, while retaining 20 current positions. Impressive Development is requesting a 10-year commercial payment in lieu of taxes, sales tax abatements and mortgage recording tax abatement. The estimated cost benefit analysis calculates that the project will have an annual economic impact of approximately $500,000.
Singh plans to renovate and expand a closed gasoline station and auto repair facility located at 710 Niagara St., in the City of Niagara Falls, into a Gulf-branded gas station, convenience store and franchised restaurant. The project entails extensive interior and exterior renovations, the installation of new underground fuel tanks, dispensers and canopy renovation, and a 2,725-square-foot addition with a franchised quick service restaurant selling hot and cold beverages, baked goods, sandwiches and related products. All renovations and new construction is projected to cost $800,000 and create 11 new jobs.
Singh is applying for a five-year Opportunity Zone PILOT, sales tax abatements and mortgage recording tax abatement. The estimated cost benefit analysis calculates that the project will have an annual economic impact of approximately $1.2 million.