News Column

Ciminelli seeks more tax breaks for Conventus Building

June 19, 2014

By David Robinson, The Buffalo News, N.Y.

June 19--The developer of the Conventus Building on the Buffalo Niagara Medical Campus plans to seek additional tax breaks from the Erie County Industrial Development Agency for the portion of the building that will be occupied by Albany Molecular Research.

AMRI, an Albany-based drug development firm that plans to bring about 125 research jobs to the area as part of the Buffalo Billion economic development initiative, will occupy the seventh floor of the Conventus Building.

The developer, Ciminelli Real Estate, added the seventh floor to what was originally planned as a six-story building after the IDA already had approved $4.2 million in tax breaks for the project in March 2013.

The additional tax breaks will apply to the 60,000 square feet of space on the seventh floor that will be occupied by AMRI, said John Cappellino, the IDA's executive vice president.

"This is for the new space," Cappellino said. "They're asking for incentives only on the new piece."

Ciminelli treating this floor as a "condo" within the larger facility, with the state's Fort Schuyler Management Corp. owning the space on the top floor and Ciminelli owning the rest of the building.

The tax breaks will cover sales taxes and mortgage taxes associated with the seventh floor. Cappellino said the value of those incentives still was being calculated.

Fort Schuyler is a state development entity that has been closely involved with the SUNY College of Nanoscale Science and Engineering in Albany and is involved with other Buffalo Billion development projects, including the RiverBend clean energy hub in South Buffalo.

The IDA will hold a public hearing on the proposed tax breaks at 9 a.m.June 30 at the IDA's office, 95 Perry St. The agency's board of directors is expected to vote on the incentives at its next meeting on July 16.



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Source: Buffalo News (NY)

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