Buffalo, NY (WBEN) - A proposal introduced by Assemblymember April Baskin would help redevelopment of downtown Buffalo buildings and others in the state that are large and difficult to rehabilitate.
The White Elephant Historic Tax Credit Enhancement Act proposed by Assemblymember April Baskin would facilitate the rehabilitation and reuse of large, difficult to develop buildings across New York State. The bill defines White Elephant Buildings as very large, difficult to develop, vacant structures having $50M or more in Qualified Rehabilitation Costs that have been vacant at least 10 of the last 15 years. The bill increases the per-project cap of the NYS Historic Rehabilitation Tax Credit from the current $5M to $15M for White Elephant Buildings to incentivize private investment and extend the tax credit period from 2030 to 2037, to allow time to plan and implement these larger projects.
Architect Clinton Brown is in favor. "When I was involved in the original historic tax credit legislation, no one envisioned the kind of environment where these large, centrally located buildings would be affordable to develop. It was just not on the radar. However, quite a few years later, we find that these buildings could be rehabilitated rather than demolished, leaving vacant lots, producing taxes for the community and all those other good things, if they got the added incentive in proportion to the complexity of such a large project. So this bill would resolve that it's a very positive opportunity for AM&A's, Richardson and Central Terminal and others across upstate New York," says Brown.
He says there are others that could benefit. "In Lockport there's the Harrison Radiator building, which is large and complex, a complex of multiple buildings. Certainly, other communities have psychiatric centers throughout New York State, including the one on Seneca Lake. Romulus, the Willard, which is all but impossible under existing incentives to undertake and factories that were located in downtowns because people walked to work or took rapid transit of the day the streetcar, they're still centrally located, but like the AM&A's, they are a vacant eyesore in the community that could be turned around into an asset once again," notes Brown.
Brown says the bill would give a financial reason for their being when these buildings are obsolete for the purpose for which they were built, and because the way we live. Things have changed, and this allows the buildings to be changed in such a way that they stay out of the landfill for the environment," explains Brown. "They create job opportunities because the work of rehabilitation. Creating a historic building is labor intensive. A lot of skilled laborers need it," says Brown. He also introduces a goal called Restore the Core. "Bring people back downtown into mixed use communities, which is the way downtown started, until they became specialized office districts. We're going through a tremendous cultural transformation in the United States, where downtowns are no longer viable as model use office facilities. So we need to attract, particularly more people living downtown to keep our core of our communities vibrant. This incentive would help make that happen."