Local Lawmakers Urge Governor to Sign New Tax Credit Bill

June 25, 2012 Updated Jun 25, 2012 at 7:28 PM EDT

By Kyla Igoe

June 25, 2012 Updated Jun 25, 2012 at 7:28 PM EDT

BUFFALO, NY (WKBW)- Senator Mark Grisanti & Assemblyman Sean Ryan joined local developers Monday to encourage Governor Andrew Cuomo to sign into law the Historic Preservation Tax Credit Increase. The current law puts a $5 million cap on projects. The amended law would raise the cap to $12 million.

"By raising this credit cap we could see the flood gates open for investors from out of state and developers here," said Grisanti.

According to lawmakers, this legislation could help revive many buildings throughout the Queen City and the tax credit increase would become more enticing to developers. Local Developer Rocco Termini says the revised tax credit would allow him to start the revival of the AM&A's building in Downtown Buffalo. For Statler City Owner Mark Croce, the tax credit increase would allow him to begin extensive renovations on the top floors of the historic landmark. The bill was passed in the senate and assembly. Lawmakers are now waiting on the governor to sign this bill into law.