Incentive Plan Approved for Richardson Complex Project

June 17, 2013 Updated Jun 17, 2013 at 12:49 PM EDT

By Mitch Simon

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June 17, 2013 Updated Jun 17, 2013 at 12:49 PM EDT

Buffalo, N.Y. (WKBW) - During a morning meeting of the ECIDA, board members approved an incentive plan for the Richardson Development Corporation.

The plan includes tax breaks worth over $7 million.

Plans call for redeveloping the old Buffalo State Hospital into a new 90-room boutique hotel, architectural center, and conference space.

The $55 million dollar project is getting substantial New York State funding and local lawmakers say granting the tax breaks to the not-for-profit group developing the landmark will pay off in the long run.

The entire prohect is expected to create 369 construction jobs. When completed, 45 permanent and 22 part-time jobs will be filled.