The Hochul administration is refusing to release details about how much the property tax abatement is worth to the developer. The tax break is two to three times longer than what’s usually granted to projects.
A rendering of Pennrose’s development at the site of the former Memorial Auditorium. Image via Empire State Development.
The heavily subsidized, $225 million development under construction on the site of the former Memorial Auditorium at Canalside will benefit from yet another tax break not previously reported.
That incentive? A 30-year property tax abatement likely worth millions for the 251-unit apartment building. Typical property tax abatements in Buffalo are 10 to 12 years long. Property tax abatements granted by the Erie County Industrial Development Agency range from five to 10 years…