Niagara County IDA Receives Application for Assistance for New Restaurant Facility | Business
Project will create 30 new jobs with annual payroll in excess of $500,000
The Niagara County Industrial Development Agency (NCIDA) board of directors today accepted an application for assistance for consideration from Merani Holdings, LLC. The company is proposing to build a 7,800 square foot restaurant adjacent to the Holiday Inn at 114 Buffalo Ave. in the City of Niagara Falls.
“Besides creating new jobs as well as new revenues for the taxing jurisdictions, this project will add to the continued revitalization of downtown Niagara Falls, which is a major objective of our board of directors,” said Henry M. Sloma, chairman, Niagara County Industrial Development Agency. “This new facility will add another dining option for residents and visitors to the region, which are so desperately needed in the City.”
The restaurant will be constructed on a parcel of land currently being used as a parking lot for the Holiday Inn the company operates in the City of Niagara Falls. Merani Holdings, LLC will continue to own the building upon completion of construction and will lease it to a yet to be named national family-friendly restaurant chain. The building may also include a retail component.
The projected cost of the new construction project is $1.4 million and will create 30 new jobs, with an annual payroll of $525,000. Merani Holdings, LLC, 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 $1.93 million.
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 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.