A 100 percent property tax abatement on increases to the assessment on the Remington Rand building in North Tonawanda received preliminary approval Thursday.
Representatives from the Kissling Interests approached the Niagara County Industrial Development Agency’s board of directors for tax breaks for a $15 million renovation of the historic building.
The developer plans to create 51 loft spaces that can be used for living and working.
Thursday’s action by the board was the final hurdle in Kissling’s three-year quest to develop the property. He now plans to purchase the building from Dresser Industrial Park LP and begin construction next April, pending final approval by the IDA. A public hearing on the project has not been set.
Major repair work is needed on the roof and the 165,000-square-foot building’s structural supports. Kissling predicts if the property is not renovated, it would likely be torn down in 10 years.
The building could be ready for occupancy as early as Spring 2009.
The developer is seeking a 15-year payment-in-lieu-of-taxes agreement as well as sales and mortgage recording tax exemptions. The agreement does not conform to the IDA’s traditional standards because it is five years longer and abates property taxes completely on increases to the building’s assessment. Kissling will pay taxes on the building’s current assessment.
