By Eileen Buckley
Buffalo, NY – Nationwide, there are 40 renewal communities. Four are right here in Western New York. And now new legislation to expand those communities could bring in more tax breaks to attract businesses and create jobs.
US Senator Charles Schumer and Congressman Tom Reynolds appeared in Buffalo Tuesday to announce that the legislation was passed to expand the region's renewal communities. If the President signs the legislation, Buffalo, Lackawanna, Jamestown and Niagara Falls would be eligible for more tax incentives.
Congressman Reynolds says the expansion project means two things for the region, jobs and fairness.
"We got the job done on the federal side to give local communities the opportunity to continue their development," Reynolds said. "What happens in Buffalo is so important for the entire region. This will have a big impact."
Expanding renewal communities would provide an estimated $400 million in tax incentives to businesses in New York. Buffalo Mayor Anthony Masiello says renewal community status has already made a big difference in city development.
"We would not have been able to create two new Tops stores in Buffalo without these benefits," Masiello said. "We would not have been able to do two new office building downtown. We would not have been able to build a new plaza in the Broadway-Fillmore neighborhood without these benefits."
In Buffalo, the new expanded zone includes the outer harbor, the area around HSBC Arena and all of downtown Buffalo.