Tax breaks sought on NT, Niagara Falls-based improvements
Aug. 16—The Niagara County Industrial Development Agency has fielded two applications for tax relief on construction projects in North Tonawanda and Niagara Falls.
DLV Properties has applied for a 10-year Payment In Lieu Of Taxes deal to offset the cost of developing a 148,000-square-foot, market rate apartment building at 624 River Road, North Tonawanda.
The proposed five-story building would contain 110 apartment units ranging in size from 750 to 1,300 square feet and a partially covered parking area on the first floor. DLV Properties says it's investing $23 million in the development and would hire 10 people over a three-year period to staff it; the estimated annual payroll is $436,000.
On the site, which currently is vacant, 3.7 acres are in need of brownfield remediation, the application noted.
DLV Properties is seeking the standard tax breaks: property tax reduction and sales and mortgage recording tax exemption.
In Niagara Falls, Micbarcer Realty Company is seeking a 15-year PILOT agreement in support of its renovation of 296 Hyde Park Boulevard for the tenant, Delaware North. That company has a lease with New York State Parks to be a food operator and wants to use the 15,000-square-foot facility for off-season storage and in-season food preparation. Renovations will include installation of a full kitchen, according to Micbarcer Realty's application. The price tag on renovations is $599,000 and Delaware North projects doubling of employment at the site, to 10 positions from five positions currently.
The applications were fielded by the NCIDA Board of Directors at its Aug. 10 meeting. Voting on the applications will follow public hearings on each request.
