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IDA rejects One Niagara tax request

One Niagara owes $2 million in taxes

Updated: Wednesday, 08 Feb 2012, 3:39 PM EST
Published : Wednesday, 08 Feb 2012, 3:39 PM EST

NIAGARA FALLS, NY (WIVB) - The Niagara County Industrial Development Agency has given 'thumbs down' to a tax break for One Niagara .

The facility is in the red more than $2 million and asking for a multi year tax assistance package.

The stumbling block is unresolved legal issues concerning One Niagara’s efforts to renovate and redevelop the building.

The former Occidental Chemical building has a “flash cube” type appearance. It was set up to be a gateway for commerce and tourism in Niagara Falls.

One Niagara is asking for a five-year exemption from all property taxes, and a 10-year graduated program of payments in lieu of taxes.