Agency approves 2013 budget
On Wednesday, the Niagara County Industrial Development Agency approved an application for assistance submitted at its September board meeting by JSK International Corp., the company that is restoring the historic Hotel Niagara in Niagara Falls.
In other business, the NCIDA board of directors approved the agency's 2013 budget.
"We are very pleased to be able to assist JSK International Corp. in its plans to bring new life to the once-famed Hotel Niagara and to help bring new jobs to Niagara Falls and the county," said Henry M. Sloma, NCIDA chairman. "This is a vitally important project, because of the building's high visibility in the heart of the city."
JSK International Corp. plans to fully restore and reopen the Hotel Niagara located at 201 Rainbow Blvd., Niagara Falls, in the prime tourism district of the city. The historic 200-room hotel was constructed in 1924, but has been closed and has sat vacant for several years. Plans call for restoring the entire hotel, including nearly 30,000 square feet of event space and food and beverage areas.
The total cost to restore the Hotel Niagara is projected to be approximately $23.6 million. Once restored, the hotel will create 70 full-time positions and 85 part-time positions, with an annual payroll of approximately $4.78 million. In addition, the project will create more than 100 construction jobs. JSK International Corp. 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 project will have an annual positive economic impact of more than $15 million on Niagara County.