New hotel will create approximately 60 new jobs
On Wednesday, the Niagara County Industrial Development Agency approved an application for assistance submitted by Merani Holdings LLC for a proposed 7,800-square-foot restaurant adjacent to the Holiday Inn at 114 Buffalo Ave., in the City of Niagara Falls. The NCIDA board also accepted an application for assistance for consideration from hotelier Ali Rizek, who plans to build a new Comfort Inn and Suites on Niagara Falls Boulevard in the city.
"It is very encouraging to see so much development occurring in the hospitality and tourism sectors in Niagara Falls," said Henry M. Sloma, NCIDA chairman. "Enhancements to existing properties and the construction of new lodging facilities are critically important for the city's image as a tourism destination."
The new 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, family-friendly restaurant chain. The building may also include a retail component.
The projected cost of the project is approximately $1.4 million and will create 30 new jobs, with an annual payroll of $525,000. Merani Holdings was approved by the NCIDA board 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 economic impact of approximately $1.93 million.
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 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 is requesting a 10-year commercial PILOT, 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 $4.248 million on Niagara County.