Grisanti Urging Cuomo to Sign Preservation Tax Credit Increase
Buffalo, NY (WBEN) It's passed the Assembly and Senate, now Governor Cuomo's signature is all that stands between developers and a larger tax credit for revitalizing historic buildings.
Grisanti says he's happy lawmakers have approved the bill upping the credit from $5 million to $12 million. He says this will help devleopers revive historic buildings like the AM&A's building. "That's been a building that's been vacant for decades. Now with that tax credit increase, it makes it a bit easier for developers to come in an put up a lot of risk and capital. It helps us move forward on these capital projects," says Grisanti.
Grisanti says there's a public-private partnership to maximize putting properties back on the tax rolls. He cites job creation at Hotel Lafayette where 300 construction jobs were created and 180 permanent jobs created after the work was complete.