Tax credit to help historic structures

BUFFALO, N.Y. (WIVB) - Some of Buffalo's historic treasures are in line for a new lease on life, thanks to a big boost from New York State.

It's been talked about for over a decade, but now some buildings have a better chance at a new life, thanks to a big boost from the state.

New York Governor David Paterson said, "We will begin by extending the tax credit to 20 percent of the cost of restoration, capping it at $5 million dollars for commercial buildings."

Governor Paterson signed legislation that will help people like Jim Sandoro, who owns the Pierce Arrow Museum in downtown Buffalo. He's already expanding the museum and wants to rehabilitate some of the surrounding properties as well.

Sandoro said, "All the other properties, we own about ten more in that area, and this really helps us get them into a village concept much, much quicker."

Assemblyman Sam Hoyt said, "The AM&A's building, the Statler Towers, Central Terminal."

Hoyt was the co-sponsor of the bill; a bill that was vetoed last year.

Hoyt said, "This bill is gonna put New Yorkers to work, revitalize our neighborhoods and it's gonna jump start projects that have otherwise been sitting idle."

Developer Mark Croce has big plans for a building on the corner of Franklin and Huron that would benefit from the state historic tax credit. He's planning a boutique hotel, and the 20 percent tax credit can help him keep the integrity of the historic structure.

Croce said, "To help close the financing gap; we're dealing with a very old historic structure, so we have costs that we wouldn't undertake in a new building, try to preserve windows, try to preserve the old terra cotta facade; so this goes a long way in re-investing in the property and making it a more spectacular project."

And it's not just for commercial properties; the tax credit for homeowners increased from $25,000 to $50,000 in depressed areas.