BUFFALO, N.Y. (WIVB) - All across the Queen City are architectural landmarks that remind us of Buffalo's glory days. Senator Charles Schumer believes these historic buildings could thrive once more with a little bit of help from Uncle Sam.
The senator toured the Statler building alongside some of the city's top developers and later explained how two federal tax credits could bring new life to downtown Buffalo.
"Buffalo has a proud history of innovation, it has a work force that is second to none and standing behind me are great minds in development, people who really know how do things and have proven themselves over and over again. And they are one of the keys to unlock the future of the City of Buffalo," Senator Schumer said.
He wants to extend the New Market Tax Credit, which expires December 31st, for at least 10 more years. Senator Schumer also wants to expand the Federal Historic Tax Credit from 20 percent to 30 percent of investment costs for projects under $7.5 million.
Developers would use the expanded tax credits to finance restorations of the AM&A'S building, the Richardson Complex and the Statler Towers. Developers say the credits would continue Buffalo's development momentum.
Howard Zemsky of the Larkin Development Group said, "We've had probably more development, historic rehab, adaptive reuse in the City of Buffalo the last five years than I think we had in the prior 15 or 20 years."
The tax credits obviously would tap into the federal budget, but the senator says the credits will pay for themselves.
"It's estimated for every one dollar of tax credit the federal government gives, we get $12 in private investment," he said.
These types of tax credits have financed recent renovations of the Hotel at the Lafayette and the Electric Tower, which now houses 400 employees.
A man who was wrongly convicted of second degree murder in 2009 has been set free after spending four years in prison.
Investigators are trying to determine who dumped a dog on the side of the road inside a zipped up Coors Light thermal bag.
A man once featured on the Cattaraugus County Top 10 Most Wanted List has pleaded guilty after being extradited from Indiana.
Lake Snow On the Move Tonight; May Return Briefly North Wed; Lengthy "Event"
New research shows three popular methods of quitting smoking do not increase risk of heart attacks and strokes.
Sergio Rodriguez announced Tuesday that he intends to run for the Buffalo School Board. He plans to run for one of three seats that will be up for election in May.