Statler Purchasers Asking for 5.2 Million in Public Funding

November 10, 2010 Updated Nov 10, 2010 at 7:47 PM EDT

By Laura Gray

November 10, 2010 Updated Nov 10, 2010 at 7:47 PM EDT

Buffalo, NY (WKBW) -- The group approved to purchase the Statler Towers is providing more details about the plan, and they say it will take 5.2 million dollars, possibly in public money, to get started.
Statler City, LLC plans on developing the historic building in phases. It would start with outside repairs and stabilize the first two floors. Then, he hopes to develop the upper levels "organically." Mark Croce says that means letting the building pay for its own renovations.
Another phase would include a covered walkway between the convention center and the statler. But with a deadline looming, Statler City needs 5.2 million dollars for immediate repairs.
Croce his business partner James Eagan purchased the historic hotel for 200 thousand dollars plus 500 thousand in back taxes in September. They were granted a 60 day review period before the deal is finalized. That ends Monday.
Croce says the taxpayers can either put forth 5.2 million for repairs now or face paying 20 million dollars for the demolition of the building.
Buffalo Mayor Byron Brown says he needs more information before he is willing to provide any money to the statler. He is hoping for a comprehensive plan from the developers.
The new purchasers of the Statler are hoping for an extension on the November 15th deadline to buy them time to get public funding.