Tag: economic development

Apr 29

2015

Yahoo’s sky-high subsidies

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Everyone in these parts has heard of the Buffalo Billion. Overlooked is another government subsidy program that could be called the Lockport Half-Billion. By any standard, the incentives granted Yahoo to build a data and call center in Lockport are generous. Consider that the Yahoo subsidies: Will cost up to $478 million to build a single facility that employs 200 people. The Buffalo Billion, by comparison, will finance the construction of three major facilities projected to create some 3,750 jobs and underwrite several dozen smaller projects. Work out to $2.4 million per job – an “astronomical” figure in the words[...]

Posted 10 years ago

Mar 26

2015

Panel split on need for new Bills stadium

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A new stadium for the Buffalo Bills would cost $1 billion to construct and require up to $600 million in public infrastructure improvements, an entrepreneur who has proposed building a facility on the Outer Harbor says. A new Bills stadium was the topic of discussion for a panel of speakers Wednesday during a happy hour discussion at Allen Street Hardware sponsored by Investigative Post. But do the Bills really need one, especially considering the $130 million in renovations to Ralph Wilson stadium that the team unveiled this past season? “Absolutely yes,” said George Hasiotis, vice president of the Greater Buffalo Sports &[...]

Posted 11 years ago

Mar 5

2015

Outer Harbor: Toxins, yes; transparency, no 

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(Editor’s note: Watch WGRZ’s 6 p.m. newscast Friday for a second installment of the package.) The state’s latest approach to developing the Outer Harbor calls for expediting the construction of housing next to a partially remediated Superfund site contaminated with sludge that possibly causes cancer. The revised scheme is aimed at mollifying opposition to the Erie Canal Harbor Development Corporation’s original plan to build housing next to the environmentally sensitive Times Beach Nature Preserve. Shifting the first phase of residential and commercial development a mile south of Times Beach borrows from a plan advocated by Buffalo Niagara Riverkeeper that has[...]

Posted 11 years ago

Feb 12

2015

Real State of WNY Economy

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The Investigative Post crew after Wednesday’s event: reporters Charlotte Keith and Dan Telvock, Editor Jim Heaney, Development Director Kate Heidinger. (Photo by Sara Heidinger Photography.)  Investigative Post Editor Jim Heaney delivered his first “Real State of the Community” address Wednesday night before a packed conference room at the Theodore Roosevelt Inaugural Site. The audience, which included City Comptroller Mark Schroeder and Erie County Clerk Chris Jacobs, heard Heaney use data to detail the state of the Buffalo and Western New York economy. The region is enjoying the start of an economic revival, which Gov. Andrew Cuomo has described as a “national[...]

Posted 11 years ago

Feb 12

2015

Falls hotel subsidies defy recommendation

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The American side of Niagara Falls has too many cheap hotels and not enough high-end ones – so a specialist consultant told state officials in a 2011 report. The proposed solution: build more high-end hotels and don’t subsidize budget or mid-range ones because of their “limited potential for economic impacts.” The state has since invested $5.6 million to help finance three upscale hotels. The Niagara County Industrial Development Agency has given another $8.3 million in tax breaks to three high-end hotels, including two that also received money from the state. But the IDA has also approved $7 million in tax[...]

Posted 11 years ago

Dec 22

2014

Suppression of Buffalo Billion spending records

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Gov. Andrew Cuomo wants everyone to know he’s spending $1 billion to revitalize the Western New York economy. But the bureaucrats he’s charged with managing the Buffalo Billion are refusing to account for how they are spending $855 million earmarked for the program’s big-ticket projects. Three developers, all significant contributors to Cuomo’s gubernatorial campaign, have been selected to build and equip facilities that will house companies recruited to set up shop in Buffalo. But the state-affiliated non-profit corporation managing that work has refused to release contracts and other documents to Investigative Post that detail, among other things, how the contractors[...]

Posted 11 years ago

Dec 10

2014

Termini questions Outer Harbor housing

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Rocco Termini, one of the city’s preeminent residential developers, doubts there’s a significant market for housing at the Outer Harbor. “Everyone is talking about it but no one has produced a market study or any numbers,” Termini said Wednesday at a luncheon sponsored by Investigative Post on urban development. The Erie Canal Harbor Development Corp. has proposed building some 2,100 housing units, as well as retail, restaurants and some parkland, on a portion of the Outer Harbor’s northern 171 acres. That plan has proved controversial, with Rep. Brian Higgins and Assembly Member Sean Ryan, among others, contending it lacks public support.[...]

Posted 11 years ago

Nov 12

2014

Another round of tax breaks for Summit Mall

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Declaring “jobs are jobs,” Niagara County officials voted Wednesday to grant $700,000 in tax breaks to redevelop a shopping mall that’s failed to make good on two previous subsidies. The Niagara County Industrial Development Agency voted unanimously to approve property and sales tax breaks to Toronto developer Zoran Cocov to assist his $17.4 million plan to revitalize Summit Mall in Wheatfield. Cocov’s application promises “entertainment venues” – museums and theaters – as well as shops, restaurants, a regional wine tasting outlet, a farmers’ market and a small business incubator, as reported Tuesday by Investigative Post. They would be joined by[...]

Posted 11 years ago
Investigative Post