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Niagara County Industrial Development Agency receives application for assistance for new restaurant in Niagara Falls

by jmaloni
Wed, Jun 13th 2012 09:55 am

Project will create 30 new jobs with annual payroll in excess of $500,000

On Wednesday, the Niagara County Industrial Development Agency board of directors accepted an application for assistance for consideration from Merani Holdings LLC. The company is proposing to build a 7,800-square-foot restaurant adjacent to the Holiday Inn at 114 Buffalo Ave., in the City of Niagara Falls.

"Besides creating new jobs as well as new revenues for the taxing jurisdictions, this project will add to the continued revitalization of downtown Niagara Falls, which is a major objective of our board of directors," said Henry M. Sloma, NCIDA chairman. "This new facility will add another dining option for residents and visitors to the region, which are so desperately needed in the city."

The restaurant will be constructed on a parcel of land currently being used as a parking lot for the Holiday Inn. Merani Holdings will continue to own the building upon completion of construction and will lease it to a yet-to-be-named national family-friendly restaurant chain. The building may also include a retail component.

The projected cost of the new construction project is $1.4 million and will create 30 new jobs, with an annual payroll of $525,000. Merani Holdings 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 $1.93 million.

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