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Home > Leadership > Mayor > Archived Press Releases > 2009 Archives > July 2009 > Mayor Brown Urges Signing Of Historic Tax Credit Legislation

Mayor Brown Urges Signing Of Historic Tax Credit Legislation

Contact: Peter Cutler

Legislation will support historic, neighborhood, and business district

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Legislative Update – Rehabilitation Tax Credit Expansion Bill

Mayor Byron W. Brown today called on Governor David Paterson to sign legislation that would expand the New York State Rehabilitation Tax Credit Program. The bill (S.6056/A.9023), which was passed by both houses of the state legislature, has been delivered to the Governor.

“I’ve come to the Statler Towers in heart of our downtown to emphasize to Governor Paterson just how important this legislation is to cities like Buffalo,” said Mayor Brown. “It has been estimated that if signed into law by the Governor, the New York State Rehabilitation Tax Credit Program will stimulate over $500 million dollars of investment and economic development activity across our state and create over 2,000 jobs statewide. In Buffalo, this program would certainly make redevelopment projects like here at the Statler Towers more workable and desirable for potential developers, saving a potential of several million dollars on the Statler project for an interested developer.”

Under this legislation, the historic tax credit contributes to offsetting 20% of a total project cost or capped at $5 million. Estimates place the cost to renovate the Statler Towers at $100 million.

The City of Buffalo currently has twelve historic districts and over 4,500 historic properties registered on local, state and national historic registries. An expanded New York State Tax Credit will serve numerous economic development and municipal reinvestment goals across New York State by directing new investment back to existing infrastructure and to our urban cores.

The money spent on rehabilitating an older home will stay in our community on local labor as opposed to money spent on building materials in which costs are outsourced to other states. Furthermore, the amendments contained in this legislation will allow the program to impact more historic properties and therefore better support historic, neighborhood, and business district revitalization, helping to ensure that Buffalo’s historic landscape will be preserved for generations to come.

“As we stand here today in this significant downtown building, the impact of this state historic tax credit will radiate out to all of our neighborhood commercial districts – and our residential neighborhoods – because every historic building could now be considered cost effective to rehabilitate,” said Mayor Brown.  “Not only will this benefit icons like the Statler Towers and the Central Terminal, but also individual historic residential properties and storefronts in our many neighborhood commercial districts.”