Croce disappointed historic tax credit increase stalled
A prominent Buffalo developer say he is disappointed to learn that Governor Andrew Cuomo will likely put his veto pen to the Historic Tax Credit bill. The bill called for raising the tax credits from $5 million to $12 million for some historic rehabilitation projects. The credits have helped with recent local renovations, including the Hotel @ the Lafayette.
"It hits home for any large-scale project in the $30 - 60 million range where we need some type of subsidy to renovate these historic buildings," said developer Mark Croce.
Croce, who continues to redevelop the downtown Statler building, says he was hoping to receive some of those credits to continue renovations on the upper floors of what is now know as Statler City.
"That will only take effect when all the available tools are ready and in place to be able to advance the project, because it's such a costly renovation when you have almost a million square feet in the upper floors," Croce told WBFO News.
Croce cited local preservation projects including the Trico building and the former AM&A's building where he says a subsidy is necessary in order to take the risk of investment.
The tax credit bill was approved in the Senate and Assembly. Assemblyman Sean Ryan says he is disappointed in the impending veto by the governor. Ryan says he intends to work with his colleagues and governor to ensure an increase in next year's budget.