Tax credit programs may save landmark

BUFFALO, N.Y. (WIVB) - The company that operates Buffalo's Statler Towers has been forced into involuntary Chapter 11 bankruptcy.

News 4 went along as city leaders gave state and national preservation leaders a tour of the downtown landmark.

They're looking ahead to finding a new owner for the Statler, and they received a pledge of help.

A bankruptcy court judge has appointed a trustee for the property which was owned by developer Bashar Issa.

He was trying to maintain control of the Statler.

State and national preservationists who toured the building Friday say the key to saving the aging landmark is through creativie financing and partnerships between the public and private sectors.

They point to a layering of rehabilitation tax credit programs.

There's a federal rehab tax credit and a state one is working it's way through the state legislature.

New York State Preservation League President Jay DiLorenzo said, "The Statler is in every sense of the word a landmark for downtown Buffalo. It is something people recognize, that defines the skyline here in Buffalo."

Peter Brink of the National Trust for Historic Preservation said, "It would be totally senseless in any from a community or economic sense for this building to be loss. This is a potential win for Buffalo to bring back the spectacular downtown in the central square."

The federal rehab tax credit is twenty percent, and Assemblyman Sam Hoyt is sponsor of the state rehab tax credit proposal, which would be another twenty percent.

Preservation experts say the credits would make the Statler more appealing to a potential buyer.