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Niagara County Industrial Development Agency approves application for assistance for new renewable energy facility

by jmaloni

Press release

Wed, Sep 12th 2012 01:35 pm

Agency also receives application for assistance for Hotel Niagara

On Wednesday, the Niagara County Industrial Development Agency approved an application for assistance submitted at its August board meeting by Sustainable BioElectric LLC. The company plans to build a renewable energy facility in the Summit Business Park in the Town of Wheatfield. The NCIDA board also accepted an application for assistance for consideration from JSK International Corp. The company will restore the historic Niagara Hotel in Niagara Falls.

"The alternative and green energy sectors are important industry clusters that we need to continue to target and cultivate," said Henry M. Sloma, NCIDA chairman. "We are starting to build an excellent portfolio of such companies in Niagara County that we can use to possibly target potential business opportunities in these growing and emerging industry sectors."

Sustainable BioElectric 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.

Renewable energy facilities such as Sustainable BioElectric are essential to meet the nation's demand for energy as well as the need for new environmentally friendly innovations to dispose of various wastes. The company is also following the New York Service Public Service Commission's newly adopted renewable portfolio standard that encourages the generation of green energy technology throughout the state.

Sustainable BioElectric application for a 15-year industrial payment in lieu of taxes, sales tax abatements and mortgage recording tax abatement was approved. The estimated cost benefit analysis calculates that the project will have an annual positive economic impact of approximately $1.858 million on Niagara County.

JSK International Corp. plans to fully restore and reopen the Niagara Hotel, located at 201 Rainbow Blvd., in the prime tourism district of the city. The historic 200-room hotel was constructed in 1924, but has been closed and vacant for several years. Plans call for restoring the entire hotel, including nearly 30,000 square feet of event space and food and beverage outlets.

The total cost to restore the Niagara Hotel is approximately $23.6 million. Once restored, the hotel will offer 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. 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 positive economic impact of more than $15 million on Niagara County.

 "The proposed project to restore the historically significant Niagara Hotel is very important to Niagara Falls," Sloma said. "The restoration of this historic site will bring new life to a property that has sat dormant for years in the middle of the main tourist section of the city, and it will significantly enhance lodging options for the millions of guests that visit the Falls each year from around the world."

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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