NCIDA approves application from Praxairby jmaloni
Expected to generate annual benefits to local and state government of approximately $21 million
Applications for assistance for two flagship hotels in Niagara Falls also approved
The Niagara County Industrial Development Agency board of directors approved applications for assistance from Praxair Inc., Niagara Lodging Inc. and Niagara Falls Hospitality Inc. (Microtel) at its board meeting Wednesday.
"The manufacturing base in the City of Niagara Falls is critically important to the local and regional economy, and retaining good paying manufacturing jobs is a high priority of our agency," said Henry M. Sloma, chairman of the Niagara County Industrial Development Agency. "In this instance, Praxair is making a significant capital investment that not only retains jobs, but creates new jobs. But just as importantly, this investment shows that the company is making a long term commitment to maintain its operations in Niagara Falls."
Praxair, the leading supplier of liquid hydrogen in the U.S., received approval by the board to invest more than $12 million into the company's Niagara Falls facility at 4501 Royal Ave., to install a hydrogen-producing steam methane reformer. The reformer will use natural gas and will help to maintain the viability of the liquefaction department of the facility, as well.
The investment includes construction, site work and purchase of equipment. It is expected to retain 89 jobs and create eight new jobs. The application for assistance includes sales tax exemptions as well as a 15-year Brownfield payment in lieu of taxes. The total estimated state and regional benefit is approximately $21 million.
Niagara Lodging will invest approximately $4.5 million to demolish the former Sunrise Inn building at 6335 Niagara Falls Blvd., in the City of Niagara Falls, in order to build a LaQuinta Inn. The investment includes demolition, construction, site work and new equipment. The project is expected to create 12 new jobs and will include 66 rooms on four floors, a swimming pool, meeting room and fitness center.
The application for assistance includes property and sales tax exemptions, as well as a 10-year PILOT. The total estimated state and regional benefit is approximately $645,000.
Lastly, Niagara Falls Hospitality (Microtel) received approval for its application for assistance to purchase and demolish the former Captain's Cove restaurant at 7726 Niagara Falls Blvd., Niagara Falls. The company will invest approximately $2.980 million for construction, site work and new equipment, which will result in 60 rooms on four floors and new amenities, including a continental breakfast area and fitness center. The project is expected to create 11 new jobs.
The application for assistance includes property and sales tax abatements, as well as a 10-year PILOT. The total estimated state and regional benefit is approximately $532,000.
"It's great to see the continued influx of hotel rooms, especially those under national and international flagships," Sloma said. "It shows that there is a demand in the marketplace for high quality lodging space, which in turn pumps revenues into local government coffers."