Niagara Falls, N.Y. – Mayor Paul Dyster is pleased to announce the funding of two projects in Niagara Falls through the city’s N.F.C. Development Corporation. The N.F.C. Development Corporation is the city agency tasked with offering incentive packages to stimulate growth in the local economy through job creation or retention, broaden the City’s tax base, and generate new business.
“I am very pleased that we were able to provide incentive packages for these two companies. Being able to land KeySource, a national pharmaceutical company, who will be bringing white-collar jobs to downtown Niagara Falls is a huge win. Couple that with assisting Niagara Street institution Mike’s DQ Grille & Chill with its expansion plans adds to the landscape of great economic development projects taking place in our city. This is a very exciting time for the city of Niagara Falls” said Mayor Dyster.
N.F.C. Development Corp Executive Director Anthony Vilardo said, “It is really exciting to bring a company like KeySource to Niagara Falls. The jobs that will be created will ensure a continued diversification of our local economy. Being able to assist Mike’s Dairy Queen which is so vital to the Niagara Street Business District shows that local entrepreneurs can be successful in Niagara Falls and are willing to reinvest here.”
The businesses, which received funding, are:
KeySourceUSA: KeySourceUSA is a Cincinnati-based pharmaceutical distributor looking to expand its sales operation in to the city of Niagara Falls. KeySourceUSA was approved for a N.F.C. Commercial Assistance Grant in the amount of $100,000 to be used towards the following costs: Construction, Furniture, Fixtures, Equipment, and IT Infrastructure build out. The total project cost, including renovations to the historic Power City Building is estimated to be $426,000. The project is expected to create 18 full-time, good-paying jobs in year one, with the potential for growth in subsequent years.
“We are thrilled to invest in the Niagara community,” said Albert Paonessa III, CEO of KeySourceUSA. “Niagara Falls has been a central hub for pharmaceutical sales for over 40 years. We see this new office as a strategic partnership between the City of Niagara Falls and KeySourceUSA — one that brings good, solid jobs to the area and restores one of the city’s architectural gems.”
Mike’s DQ Grill & Chill: Niagara Falls residents Michael and Colleen Palmeri purchased the Dairy Queen store located on Niagara Street in Niagara Falls from Mr. Palmeri’s father in 1983. Since then they have undertaken two major expansions, and welcomed a third generation- Mike Jr. to the family business. The Palmeri’s are now planning the next phase of the DQ Grill & Chill at 2432 Niagara Street. The project will include increasing the restaurant and drive thru’s capacity. The total project cost will be approximately $1,500,000 and create six new full time and eleven new part-time jobs. The N.F.C. Development Corp. authorized $100,000 under its Commercial Grant Assistance Program to make the project possible.
Mike Palmeri, Sr said, “I would like to the thank the N.F.C. Development Corp. for investing in our family business and Niagara Street. We have had great success at this site and look forward to serving our loyal customers for generations to come.”
About N.F.C. Development Corp.: N.F.C. Development Corp. was established in 1980 by the City Council as a not-for-profit corporation under Section 402 of the New York State Not- For-Profit Corporation Law. Its original and continued mission is to provide programs relieving and reducing unemployment, bettering and maintaining job opportunities, providing aid to attract new business or retain business and industry within the City of Niagara Falls, New York. N.F.C. is governed by 19 Directors, which include the Mayor and City Council, the Niagara Falls Urban renewal Directors, and 9 private sector directors selected and approved by the N.F.C Members.