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NCIDA Accepts First Application from Opportunity Zone Program | Business

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NCIDA Accepts First Application from Opportunity Zone Program
NCIDA Accepts First Application from Opportunity Zone Program

Project will create more than 20 jobs with an economic impact of approximately $4.5 million annually; Board also accepts application for construction of new facility in Pendleton

 SANBORN, NEW YORK – The Niagara County Industrial Development Agency (NCIDA) Board of Directors today accepted an application of assistance from the Greater Lockport Development Corporation (GLDC) for renovations to 57 Canal Street in the historic locks district in downtown Lockport.  The building is owned by the city of Lockport and leased to the GLDC.  The GLDC application for a five-year PILOT is the first ever application through the Niagara County Opportunity Zone Program, which provides financial incentives in the form of tax abatements to commercial, retail and tourism based businesses to encourage reinvestment to rebuild urban centers in Niagara County.

Once renovations are completed, Trek, a manufacturer of high voltage amplifiers, electrostatics measurement instruments and a variety of other high tech products, will be moving its engineering and research and development departments from Medina, NY.  The GLDC plans to invest up to $500,000 in the building in order to meet Trek’s technological needs. Trek is expected to bring 22 new jobs to the region with an annual economic impact of approximately $4.5 million.

“The project that the Greater Lockport Development Corporation presented today is very exciting as it puts a vacant building in a highly visible location in an urban area back into a productive use while creating high paying technical jobs that will increase our tax base,” said Henry M. Sloma, chairman, Niagara County Industrial Development Agency.  “This project shows that the Opportunity Zone Program can help rebuild our cities and bring back economic vibrancy to our urban centers in Niagara County.”

The GLDC is renting 12,400-square-feet, the top two floors, of the three story building at 57 Canal Street, which it has been redeveloping. Until now the GLDC has not been subject to taxes on its construction on the building due to its not-for-profit status, but because now the improvements are tenant specific, they are taxable, and therefore the GLDC is requesting a five-year Opportunity Zone PILOT and sales tax exemptions to make the project feasible.

In 2008 the Niagara County Legislature requested that the NCIDA establish a comprehensive tax abatement program specifically for retail and tourism related businesses locating in economically distressed areas of Niagara County.  Through the collaborative efforts between Niagara County and the cities of Lockport, Niagara Falls, and North Tonawanda the Opportunity Zone program was created to attract new businesses, encourage existing businesses to expand, and begin to rebuild the region’s urban cores into the thriving commercial centers.

In other matters, the Niagara County IDA accepted an application for assistance from Brown Electrical Inc. for a proposed 8,500 square foot new facility in the Town of Pendleton to consolidate the company’s operations.  Brown Electrical Inc., an industrial and commercial contractor which provides electrical services throughout Western New York, is proposing to build the facility at 6421 Campbell Boulevard in the Town of Pendleton.

The electrical company has been in business for 30 years and has outgrown its current warehouse and shop facility in the Town of Tonawanda.  The new facility will provide office and warehouse space with a small portion being considered for lease to a commercial tenant.  Brown Electric is a certified Women’s Business Enterprise.  Brown Electrical has requested in its application for assistance a 10 year commercial PILOT, sales tax abatements and mortgage recording tax abatement.  The new facility will result in an investment of approximately $415,000 and will create 10 new jobs.

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.

 

 

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