By Mark Scott
Buffalo, NY – The Erie County Industrial Development Agency Wednesday approved a nearly $13-million incentive package for a local development company rehabilitating a downtown landmark.
Iskalo Development has purchase the 14-story Niagara Mohawk building, and plans to transform it into Class A office space. ECIDA spokesman John Cappellino said it's important to preserve downtown's historic buildings.
"We're excited as far as having a developer which has traditionally focused on the suburbs is interested in a downtown facility," Cappellino said. "The prospect of having new Class A office space is necessary to keep some of the existing tenants in the downtown core."
The Iscalo incentives include nearly $1.5 million in property tax abatements. But County Executive Joel Giambra was one of three board members who voted against the package, saying it sets a "dangerous precedent" because of the cost to taxpayers.