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Niagara County Industrial Development Agency approves applications for assistance for 3 projects that will generate $7.5 million in capital investment

by jmaloni

Submitted

Mon, May 19th 2014 11:45 pm

Approved projects will create up to 64 new jobs while retaining approximately 150 positions

The Niagara County Industrial Development Agency board of directors has approved applications for assistance from Reid Petroleum Corp., Irr Supply Centers Inc. and 765 Fairfield Place LLC.

"It's always a positive sign when a company makes an investment in existing infrastructure as it usually means the company is here for the long-term," said Henry M. Sloma, NCIDA chairman. "In this instance, all three of the applicants are making significant financial investments, which will result in a positive economic impact throughout Niagara County - especially in terms of job retention and new job creation."

Reid Petroleum Corp. is proposing to invest approximately $1.370 million for construction, site work and new equipment at its headquarters at 100 West Genesee St., Lockport. The project is expected to retain 65 jobs and create 12 new jobs. It will include a two-story addition and renovations to the existing space and exterior façade.

The application for assistance includes property and sales tax exemptions as well as a 10-year payment in lieu of taxes. The total estimated state and regional benefit is approximately $1.85 million.

Irr Supply Centers also received approval by the board for its application for assistance to renovate the company's facility at 908 Niagara Falls Blvd., North Tonawanda. Irr Supply Centers, a wholesaler of plumbing, HVAC, refrigeration and electrical products, is proposing to invest approximately $2.250 million for construction, site work and new equipment at its North Tonawanda facility. The project is expected to retain 86 jobs and create up to 24 new jobs. The construction is intended to modernize the facility, including the purchase of office equipment, material handling equipment and computer upgrades.

The application for assistance approved for Irr Supply Centers includes property and sales tax abatements as well as a 15-year PILOT. The total estimated state and regional benefit is approximately $3.78 million.

Lastly, the board approved an application for assistance for 765 Fairfield Place in the Village of Lewiston. The developers are proposing to invest approximately $3.875 million for extensive adaptive re-use development of a former assisted living facility. The project is expected to create up to 28 temporary construction jobs.

The construction will include demolition of the interior of the building and the construction of new one and two-bedroom market rate apartment units. Exterior renovations will also include new entrances and windows.

The application for assistance includes property and sales tax abatements, as well as a 15-year housing PILOT.

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