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NCIDA: Application for assistance approved for new Comfort Inn and Suites in Niagara Falls

by jmaloni
Wed, Aug 8th 2012 12:05 pm

New renewable energy facility submits application for assistance

Press release

The Niagara County Industrial Development Agency on Wednesday approved an application for assistance submitted by hotelier Ali Rizek, who plans to build a new Comfort Inn and Suites and themed restaurant on Niagara Falls Boulevard in the City of Niagara Falls. The board also accepted an application for assistance for consideration from Sustainable BioElectric LLC, which plans to construct a renewable energy facility in the Summit Business Park in the Town of Wheatfield on Liberty Drive.

"The Niagara County Industrial Development Agency is pleased to offer assistance to another hotel development project in Niagara Falls," said Henry M. Sloma, chairman, Niagara County Industrial Development Agency. "With the assistance of our agency, entrepreneurs are enhancing the lodging market in Niagara Falls by building modern facilities and hotel rooms and related amenities, including restaurants."

Rizek plans to build a 100-room Comfort Inn and Suites at 6115 Niagara Falls Blvd. The project will be constructed in two phases. Upon completion of the hotel, the company will build a New York City-styled restaurant on the property. The total projected cost is $6.6 million and the hotel and restaurant will create 60 new jobs, with an annual payroll of more than $2.1 million. The Rizek family has been in the hotel business for more than 30 years and owns and operates the Econolodge adjacent to the property.

Rizek was approved for 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 new hotel project will have an annual positive economic impact of approximately $4.248 million on Niagara County.

Sustainable BioElectric LLC is owned by Forest City Sustainable Resources LLC and Quasar Energy Group. Once completed, the renewable energy facility will produce energy through the anaerobic digestion of organic wastes such as food waste, fats, oils, greases, manure, crop waste and bio-solids. The total estimated cost of the project is $4.1 million; the facility will create seven new jobs, with an annual payroll of approximately $350,000.

"It is encouraging to see the influx of green energy companies wanting to do business in Niagara County. BioElectric would be a great addition to an already impressive and growing green technology portfolio in our region," Sloma said. "As green energy is a targeted industry cluster for our agency, we have another project that if approved we can market and promote to other entrepreneurs in this emerging sector."

Renewable energy facilities such as Sustainable BioElectric LLC are helping to meet the nation's demand for energy as well as the need for new environmentally friendly innovations to dispose of various wastes. In addition, the New York Service Public Service Commission has also adopted a renewable portfolio standard that encourages the generation of green energy technology.

Sustainable BioElectric LLC is requesting a 15-year industrial PILOT, sales tax abatements and mortgage recording tax abatement. The estimated cost benefit analysis calculates that the project will have an annual positive economic impact of approximately $1.858 million on Niagara County. 

About the Niagara County Industrial Development Agency

The Niagara County Industrial Development Agency is a not-for-profit public benefit corporation established in 1972 by the Niagara County Legislature. Under the provisions of the New York Industrial Development Agency Act, the NCIDA is empowered to actively attract and develop economically sound commerce and industry, thereby fostering job opportunities, general prosperity, and economic welfare for all residents of Niagara County. The NCIDA utilizes a variety of financing, tax incentive, and job training programs to induce economic growth. Many of these programs can be employed individually to meet a specific need or assembled to form a comprehensive development package.

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