Mayor Dyster Announces Funding for Two N.F.C. Development Projects
Niagara Falls, N.Y. – Today, Mayor Paul A. Dyster announced $400,000 in funding for two economic development 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.
The grants were unanimously approved by the N.F.C. Board of Directors at a meeting held Monday. The first grant for $300,000 was made possible through N.F.C.’s Special Assistance Program for NFNY Hotel Management for the creation of a Daredevil Water Park at 300 Third Street. The second project gaining approval was a grant in the amount of $100,000 for 324 Landlord, LLC. for the creation of 10 market-rate apartments at 320-324 Niagara Street.
“The face of our downtown corridor continues to experience a positive transformation thanks to continued investment by Michael DiCienzo, Sam Savarino and Bernice Radle,” said Mayor Paul Dyster. “Their dedication to the future of Niagara Falls demonstrated through these exciting projects is something to be commended and we look forward to the completion of these projects and the many more to come.”
Anthony Vilardo, N.F.C. Development Corp Executive Director said, “We are thrilled to be able to participate in these two transformational projects for downtown Niagara Falls. The continued investment by NFNY Hotel Management and Savarino Companies in partnership with Buffalo Development shows confidence in both the Niagara Falls tourism market and the Niagara Falls residential market.”
About the projects:
Daredevil Water Park: NFNY Hotel Management, LLC. owns and operates the Sheraton at the Falls, the Days Inn, along with the Rainforest Cafe, TGI Friday’s and a Starbucks all in downtown Niagara Falls. NFNY Hotel Management will undertake the more than $13 million project. The waterpark is expected to provide Western New Yorkers and travelers from outside of the area with a year-round attraction. The waterpark will offer multiple slides and activities for all ages to enjoy. In addition to the grant, in order to facilitate the project, the City of Niagara Falls is selling a surplus underutilized lot- 219 R Niagara Street- to NFNY Hotel Management at an appraised price of $189,262.50. The project is slated to be complete in 2019 and is expected to create 25 full-time and 35 part-time jobs.
Market Rate Apartments at 320-324 Niagara Street: As part of a mixed-use development on the 300 block of Niagara Street, Savarino Companies along with Buffalove Development, under the name 324 Landlord, LLC. will be creating 10 market-rate apartments and 7,500 sq ft of ground level retail to house Community Beer Works – the first brewery in Niagara Falls in a generation. The project $3.4 million project is being assisted by a $100,000 Market-Rate Rental Rehabilitation grant and a previously approved $100,000 Commercial Grant Assistance Program for the buildout and equipment for Community Beer Works (CBW). CBW is expecting to create 9 full-time and 9 part-time jobs once the project is complete. Construction is expected to begin in January 2018 and completed in July.
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.