BUFFALO, NY (WKBW) - The NFTA board of directors voted Thursday to negotiate a $3.5 million offer from Bear Development Group to purchase the small boat harbor and Gallagher Beach waterfront parcel.
The proposal includes a commitment by Bear Development to pour an additional $15 million dollars into the land, including an expansion to the harbor break-wall and marine facilities as well as the construction of interior parks and an amphitheater.
The NFTA also stipulates that any agreement must promise to keep the property and boat facility open to the public.
"Going forward, the boat harbor will remain and have public access. The proposer has proposed to put over $15 million dollars of improvements into the property. Anywhere from improvements on the docks, fishing docks, an amphitheater, a number of improvements that I think would benefit the community well," said Kimberley Minkel, NFTA Executive Director.
Minkel says that negotiations will continue into the fall, and that the NFTA is committed to operating a "top-notch" facility this summer.
Proceeds from the deal would go to stabilize the agency's capital reserves.