University receives approval for tax-exempt bonds for new science building
The Niagara Area Development Corporation board of directors today approved an application for assistance from Niagara University to refinance $24.5 million of existing tax-exempt bonds and for $23.5 million of new tax-exempt bonds to build a state-of-the-art science building on the Lewiston campus.
"This is an important project for both Niagara County and Niagara University, and the board is excited to be able to assist the university on an already impressive science program, especially at a time when we seeking to attract life sciences companies to open for business in our region," said Henry M. Sloma, chairman, Niagara Area Development Corporation. "Since this is only our second project through the NADC, we encourage other local non-profit organizations to contact us to determine if we can be of assistance in financing their capital and construction projects."
The application for assistance consists of the refinancing of existing debt in addition to the construction and equipping of a new 50,000-square-foot science building, which will replace an aging, 50-year-old building. The project will also include the renovation of Meade Hall, a 26,700-square-foot building that will be converted from residential to administrative office space. The building has been vacant for two years, since a new residence was constructed for the Vincentian priests. Existing student housing facilities will also be furnished and equipped.
In addition, new parking lots will be constructed to replace the parking lost by the construction of the new science building. Infrastructure improvements are necessary to support present and future needs at Niagara University. All new construction and renovations is projected to cost $23.5 million and create 17 new, full-time-equivalent jobs on the campus. The estimated cost benefit analysis calculates that the project will have an annual economic impact of more than $2 million.
The NADC was established by the Niagara County Legislature as a local development corporation to handle tax-exempt revenue bond issuances for not-for-profit entities. Members of the NADC are appointed by the County Legislature and are the same as the board members of the NCIDA. The staff of the NCIDA administers and manages the NADC under an administrative services agreement with Niagara County.