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Changes to historic preservation tax credit signed into law

By WBFO News

Albany, NY – Changes in a state tax program have paved the way for renovation work to begin at the Hotel Lafayette.

The changes to the historic preservation tax credit were sponsored by Governor David Paterson and included among its backers, local Assemblyman Sam Hoyt.

Developer Rocco Termini says work on the hotel should now begin sometime in the next two months. Termini says it's not just the Lafayette Hotel that affected. Nine other projects, with an estimated investment value of $175 million can now move forward.

"This is a major victory for economic development in Upstate New York," Hoyt said. "The amendments will create a snowball effect of private sector investment that includes the creation of hundreds of new jobs and many historic structures in communities across upstate will be saved and restored."

But critics point out that the amended tax code will cost the state $3 million dollars annually in lost funding. Supporters insist that loss will be offset by sales tax revenues generate by construction projects.