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

Plans to spearhead a proposed $6 million renovation of One Niagara Center now rest with the Niagara County Industrial Development Agency.

Agency directors recently accepted an application from the building's owner, One Niagara LLC, to consider an incentive package to help finance its renovations. One Niagara Center, located on Niagara Street a few blocks from the Rainbow Bridge, has had a checkered past since it served as headquarters for Occidential Chemical Co.

The IDA directors are expected to formally vote on the application in either December or January.

One Niagara LLC plans to create a mixed-use center focused on tourism, retail, food and beverages, office space, data services and hospitality. It would create 17 new jobs while retaining 38.

"The One Niagara project is a cornerstone in the redevelopment of downtown Niagara Falls and it is an international gateway to our community," said Henry Sloma, IDA chairman. "This project has been dormant for far too long and I am excited the Niagara County Industrial Development Agency will help make this a successful economic development project that will create private-sector jobs."

One Niagara LLC is headed by Niagara Falls attorney Paul Grenga and former TV and news reporter Tony Farina. The planned center will service the growing tourism market in Niagara Falls.

An estimated 900,000 people visit the building annually, a number that is expected to grow after the renovations, including replacement of antiquated HVAC systems, build-outs for tenants, and landscaping and paving. One Niagara LLC said the improvements are necessary to remain viable to meet the growing number of tourists visiting Niagara Falls.

The company has not been approved for financing from local banks, so improvements must be funded through equity or non-institutional financing. To enable it to make the necessary improvements to the property, the company is requesting IDA assistance in the form of a five-year Opportunity Zone PILOT followed by a 10-year commercial PILOT, with sales tax abatements on construction materials, equipment, furniture and fixtures. The estimated cost-benefit analysis calculates the project to have an annual economic impact of approximately $885,000.

Also, as expected, the IDA board also approved applications for assistance it received at the October board meeting from Olin Corp., Gateway Harbor Inn, Frank's Vacuum Truck Services Inc., Mawhiney Trucking Inc. and Taylor Devices. Their projects total $30 million in new investment and 74 new jobs, while retaining 328 current jobs.

"Today is a great day for economic development in Niagara County as the board has helped make it possible for five significant local economic development projects to become reality," Sloma said.