Niagara Gazette — A $12.3 million senior housing development to be located on land owned by the mother of Town of Lewiston Supervisor Steve Reiter has been cleared to receive a tax-incentive package through the Niagara County Industrial Development Agency.
Members of the NCIDA Board of Directors on Wednesday approved a 15-year payment-in-lieu-of-taxes agreement for Bridgewater Estates, LLC, a Williamsville-based subsidiary of Rane Property Management. The package, which includes property, sales and mortgage recording tax exemptions, will assist in the company's development of a 139-unit senior citizen apartment complex at 1441 and 1451 Ridge Road.
The property, located near Model City Road, is owned by Reiter's mother, Marjorie. The application for tax break assistance lists Steve Reiter as a 19 percent partner in the project, with managers Fred J. Hanania Sr. and Anthony J. Cutaia listed as the holders of the other principal stockholders.
The project involves acquisition of a "leasehold or other interest" in the 5.4 acre lot located at 1441 and 1451 Ridge Road, the construction of a 128,000-square-foot apartment complex comprised of three, four-story buildings and the acquisition and installation of certain items, including machinery, equipment and other related items.
The purchase price in the IDA application is listed at $1.4 million, including the apartments which will be limited to tenants 55 years and older. The application suggests a market analysis determined that there is an "unmet need" in Lewiston for the housing product in question. The project is expected to be completed next year.
Bridgewater maintains that the project will result in the creation of 3.5 new, full-time jobs, with a total payroll by the end of the third year of operation of $125,000.
The tax-incentive deal received approval from a majority of the NCIDA's board, with member Michael McNally casting the lone vote against. McNally said he did so due to concerns about the length of the PILOT.
"Fifteen years is too much for a project like that in my opinion," McNally said.