MONDAY, NOVEMBER 23, 2009

LEGISLATURE APPROVES BUFFALO STATE DORM FUNDS

Erie County Legislature Chair Lynn M. Marinelli (D-Buffalo, Tonawanda) is announcing that the County Legislature unanimously approved a plan to provide tax-exempt financing for new student housing at Buffalo State College through an arm of the Erie County Industrial Development Agency at its November 19 session.

The County Legislature approved the tax-exempt funding through the Industrial Land Development Corporation, an arm of the ECIDA, for the $50 million project. Buffalo State College is also seeking federal stimulus funds to build two four-story dormitories providing 500 beds in a current parking lot near Grant Street and Rockwell Road.

"The Buffalo State College dormitory project is very deserving of the tax-exempt funding that the Industrial Land Development Corporation will provide it," County Legislature Chair Lynn M. Marinelli (D-Buffalo, Tonawanda) said. "The County Legislature approved this mechanism to allow the ECIDA and the ILDC to provide the funding for this project, which will create jobs paying the prevailing wage."

The Legislature's vote also designates that Erie County is the only member of the ILDC, instead of the ECIDA.

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