Five Projects Get Millions

September 27, 2013 Updated Jun 22, 2010 at 7:04 AM EDT

By Business First of Buffalo - by James Fink


Five Projects Get Millions

September 27, 2013 Updated Jun 22, 2010 at 7:04 AM EDT

Five projects have been selected to receive a portion of $28 million in federal Recovery Zone bonds.

The developments run the gamut from a historic renovation of a century-old downtown Buffalo building to the conversion of a vacant plant into a new, steel processing operation. The projects were formally announced Monday afternoon.

"It's about targeted economic development in Buffalo and Erie County," said Erie County Executive Chris Collins.

The five Recovery Zone projects, which were culled from an original list of 11 and ultimately selected by Collins and Buffalo Mayor Byron Brown.

The projects and the breakdown of funding:

• Galvstar LLC received an $8 million allocation that will help the company transform a portion of the former American Axle plant on E. Delavan Street into a steel-making operation that will employ 50 people initially and eventually more than 300. The Erie County Industrial Development Agency also offered the project $10 million in industrial revenue bonds.

• Multisurb Technologies received a $5 million allocation to aid with expansion of its Cheektowaga and West Seneca plants. The company has added 100 jobs in the past few years and hopes to add another 40 or 50 jobs because of the expansion.

"These manufacturing jobs are significant," said Sen. Charles Schumer, who helped shepherd the federal dollars to the region.

• Developer Mark Croce was allocated $6 million for the adaptive re-use of the former Curtiss Building on Franklin Street into a high-end hotel.

• Iskalo Development was granted a $4 million allocation to turn the former Kane-Doyle auto dealership on Delaware Avenue in Kenmore into a mixed-use development.

• Seneca Exchange Larkin Partners was allocated $5 million for the renovation of historic building at 635 Seneca Street into a mixed-use development.

Buffalo and Erie County was slated to receive slightly more than $24 million in federal Recovery Zone bonds, but an extra $4 million was shifted from Amherst to the region when Amherst Supervisor Dr. Barry Weinstein said there were no interested developers or projects in his town. Rather than lose the funds, Amherst agreed to allocate the federal dollars to Buffalo and Erie County.

All of the projects must close their respective financing by Dec. 31 to receive their federal funding.