By JAMES FINK
jfink@bizjournals.com | 716-541-1611

Five prominent development projects have made the short list to receive a slice of the $24.3 million in federal Recovery Zone Bonds allocated for Buffalo and Erie County.

The projects were selected from an original pool of 11 developments. The money comes from $17.1 million allocated to Erie County and $7.2 million that went to Buffalo as part of the American Recovery and Reinvestment Act.

A review committee established by Erie County Executive Chris Collins and Buffalo Mayor Byron Brown selected the five finalists, which collectively are seeking nearly $55 million in federal funds. Sources said with a $24.3 million cap, the funds have to be judiciously allocated.

The projects are:

• Redevelopment of a historic building at 635 Seneca St. in Buffalo's Larkin District. The development team is seeking $6.4 million in federal funds.

• Iskalo Development's redevelopment plan for the former Kane Doyle auto dealership on Delaware Avenue in Kenmore. Iskalo applied for $4.6 million of the funding package.

• Multisorb Technologies' proposed expansion of its manufacturing operations in West Seneca and Cheektowaga. The company is seeking $20 million for the projects.

• Galvstar LLC's plan to convert a section of the former American Axle & Manufacturing plant on East Delavan Street to a new steel-processing plant. It's looking to land $18 million from the federal pool.

• Mark Croce has applied for $6 million to help finance the conversion of the former Curtiss Building on Franklin Street to a boutique hotel.

"The scope and diversity of these projects is impressive and they will have a tangible impact on our local economy," Collins said. "And this tax-exempt bond financing is key to helping move them forward."

Whichever projects are selected, development teams must close on the bond financing by Dec. 31.

Brown and Collins are expected to name their final funding allocations within a few weeks.