By Dan Miner<br><a href="mailto:minerd@gnnewspaper.com">E-mail Dan</a>
Niagara Gazette
July 23, 2008 09:13 pm
—
In the world of commercial development in Niagara County, tax credits are a way of life.
That’s why the law Gov. David Paterson signed on Monday is so vital to this area’s future.
New York state’s most recent attempt to give sizable tax breaks to businesses willing to redevelop brownfields became official at a press event in the shadow of Buffalo’s City Hall.
The new version of the Brownfield Cleanup Program seeks to cure problems that have come up since its creation in 2003, such as providing huge subsidies to a few projects that had little to do with brownfields.
“Now this reformed program will serve as an important tool for revitalizing cities and towns across New York state,” Paterson said in a release. “Our goal should be for every former industrial site in New York state to be returned to safe and productive use.”
The signing of the bill released the state’s moratorium on the program, which had threatened several local development proposals, most specifically Northern Ethanol’s bid to build an ethanol facility at 47th Street and Santarosa Holding, Inc.’s proposed tire recycling facility on College Avenue.
The program could also eventually benefit an expansion at the soon-to-be-reopened Globe Metallurgical on Highland Avenue.
“It’s a major victory for the City of Niagara Falls and also Western New York in general,” Falls Mayor Paul Dyster said. “It was just critically important.”
Programs such as the BCP allow the city to give incentives for developers to clean up sites, Dyster said. Considering of the huge swathes of abandoned former industrial space in the city, without that tool it’s extremely hard to attract developers.
The new legislation puts a cap on how much is available to projects in the program. For non-manufacturing projects, a project is available for $35 million in redevelopment credits or three times the cost of the cleanup.
That means, for instance, if there is a $5 million cleanup a developer can get $15 million in tax credits.
For manufacturing projects the benefits are even better. They’re eligible for $45 million or six times the cost of the cleanup.
“This is a much better program and serves the interest of Upstate New York much better,” Dyster said.
Underground Railroad bill signed
Paterson also signed another bill of local significance. The bill established a 13-member of the Niagara Falls Underground Railroad Heritage Commission would be appointed by various local and state officials.
The commission’s main purpose would be to highlight and promote the movement already under way, especially the North Star at North End project, a city-backed grassroots effort. It joins the North Star project and the recently approved National Heritage Area, which includes language for a broader Underground Railroad tourism theme, as public programs dedicated toward Underground Railroad tourism in the North End.
Copyright © 1999-2008 cnhi, inc.