Assemblymember Sam Hoyt formally announced today the introduction of a Governor program bill that will include two amendments vital to the Historic Tax Credit program. These amendments will allow for the sale of the tax credits to banks and insurance companies.
The introduction of a program bill by the Governor demonstrates tacit approval from the various state agencies that had previously objected to similar provisions that were in Hoyt's original bill. A month of negotiations with top state officials has resulted in the agreement that paved the way for these amendments. Once the bill is signed into law, developers will be able to immediately take advantage of this new flexibility and begin working on projects, bringing in millions of dollars of local investments and putting people to work.
Hoyt said, "These much-needed amendments will enable developers interested in rehabilitating buildings like the Lafayette Hotel and the Statler in Buffalo to use these tax credits to generate upfront capital. With this new bill in place, a major obstacle will have been removed for developers undertaking the projects that Buffalo and upstate need to help restore their proud heritage and revitalize their urban core."
In Western New York alone, there are nine projects with an estimated investment value in excess of $175 million that can begin as a result of these amendments. While the Historic Tax Credit program was successful for homeowners and small to medium-size business owners, developers of large-scale projects wanted the amendments to help them generate capital for projects that required more upfront costs than other types of rehabilitations.
Rocco Termini said, "Thanks to Assemblymember Sam Hoyt's tenaciousness and persistence my two projects - the Hotel Lafayette and the AM&A's building - will be redeveloped and become cornerstones for a renewed and revitalized downtown Buffalo."
"I have spoken with Rocco Termini, Clinton Brown and other developers and advocates throughout the negotiation process," Hoyt concluded. "Rocco assured me that if we were able to secure these two amendments he could complete the financing on the Hotel Lafayette and AM&A's projects with construction likely to begin soon after. Now that I have secured these amendments, developers like Rocco, who have the vision and the drive, can begin the revitalization of Buffalo in earnest."
Projects positively affected by Historic Rehabilitation Tax Credit
BUFFALO
Alling and Cory Building - The six-story, nearly century-old Eagle Street building was sitting vacant until a Buffalo architect and developer, Jake Schneider, came along to invest $16 million to transform the one-time paper warehouse into a 95-unit complex for students. The building, now called Lofts at 136 after its street address, is expected to welcome residents this fall.
AM&A's Building - $70 million dollar project that will include a Hilton Garden Inn, apartments, a food court and banquet facility. AM&A's and Hotel Lafayette projects are expected to bring in $30 million in new investment and create 130 jobs.
Bethune Hall, 2915 Main St. - Rehabilitation into loft-style apartments of warehouse building designed and built by Lockwood, Green & Company in 1915 for the Buffalo Meter Company, a manufacturer of liquid meters.
The Cooperage (entry image) - $6.6 million, construction ready historic rehabilitation of abandoned and blighted former factory complex on Buffalo River into 24 market-rate live/work lofts, as part of transforming former industrial area downtown into one for residential and recreational use.
Corn Exchange Building, 100 S. Elmwood Ave. (image right)- The circa-1910, four-story structure is being rehabilitated into Class A office space at a cost of approximately $5 million.
The Gardens Project (Affinity Realty Partners) - 276 units of preservation housing already approved by NYS Housing Finance Agency. Project expected to be an anchor to the Buffalo/Cheektowaga border. $27 million overall investment to preserve a 65 year old complex built in 1942-43 under a Department of Defense housing bill.
The Genesee Gateway - A series of late 1800s and 1900s buildings with over 60,000 square feet of space that stretch between Oak and Ellicott Streets that the project's development team is renovating into a mix of office and restaurant space.
NIAGARA FALLS
Niagara City Lofts - $14 million historic rehabilitation of abandoned, blighting former public school into 54 lofts and commercial space in the heart of Niagara Falls. Governor Paterson announced a $5 million Restore NY grant on site in September.
NORTH TONAWANDA
Remington Lofts on the Canal, 184 Sweeney St. - Previously the home of The Remington Rand Co., consists of four stories that cover a total of just under 180,000 square feet. When complete, the building will be converted into a mixed-use facility, housing both commercial and residential space. 