Buffalo, N.Y. (WBEN) Development and economic officials all agree that the proposed 'White Elephant' bill that would offer tax credits for qualified, historic and vacant buildings a three-fold increase has the makings of being a key game changer.
That, especially, could aid a number of regional projects led by the iconic Central Terminal that dominates Buffalo's horizon.
"It is a cultural, economic opportunity," said Monica Pellegrino-Faix, Central Terminal Restoration Corp. executive director.
The bill, championed by State Sen. April Baskin, would see tax credits increase from $5 million to $15 million. A companion is in the state Assembly and both are likely to pass this year, Baskin predicted.
Baskin said her proposal takes a 16-year-old tax credit up to more modern standards and expectations.
"The current $5 million cap is simply not enough to tackle these significantly larger projects," Baskin said.
Officials peg the Central Terminal's total redevelopment price tag in the $330 million, with its restoration being done in phases during the next 10 years.
In the current $33 million, much of the work is focusing on structural repairs but also prepping the massive main concourse as a possible special events center.
Potentially, the concourse could be event-ready by late 2027 or early 2028.
At the same time, a development effort by CB Emmanuel Realty that could bring as many as 110 apartments to the terminal's adjoining Mail & Baggage building may get underway by 2028.
"The idea is to continue to move forward and the tax credits do help," said Rachel Rzayn, CB Emmanuel project manager and general counsel.
Baskin said in her bill, any phase of any project would qualify for the increased tax credits.
"It's not a one and done thing," Baskin said, "Any phase would qualify."
That, by itself, is a huge lift, Pellegrino-Faix said.
"The credits could be a key linch pin," Pellegrino-Faix said.
For now, Baskin is using the Central Terminal is one of the litmus tests she needs to garner the backing from her fellow state lawmakers.
"So many people have so many memories of this building," Baskin said.
Three-fold increase of historic tax credits may be a development game changer
