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Niagara Falls Central Business District

The Niagara Falls Central Business District (CBD) team has facilitated investment through its aggressive marketing, fast-track project approvals, incentives, and project stewardship.  The CBD team is comprised of all appropriate economic development agencies and relevant municipal departments, meeting monthly to ensure that the development process is on track and to identify and remedy any problems in the development process, thereby ensuring that developers do not experience any lost time .Several financial incentives exist to facilitate economic development in the Central Business District. Comprehensive lists of incentives are listed below.



City Niagara Falls Programs

Type of Assistance
Incentive Description
Fixed Asset Loans
 
City Wide “Green Initiative” – Low-interest loan up to maximum $25,000 and a grant up to 20% reduction in loan amount upon demonstrated evidence of energy savings of 10% or greater based on past history

NFC Development Corporation – up to $50,000 to finance real estate, machinery & equipment. Eligible businesses are manufacturing, assembly & distribution and retail. Must result in 51% hiring of low/mod people
 
Grants/Loans
 
Community Development subsidies and façade grants subject to specific project impact. $50,000 subsidized loans may be used for housing rehab code violations, repairs, and façade improvements
 
Real Property Tax Abatement
 
485b- Real property tax abatement for renovations or new construction. 50% exemption for first year on all improvements, increasing 5% per year until 11th year, when property becomes fully taxed
 
Small Business Assistance
 
Micro-Enterprise Assistance – Assistance can be in the form of a loan (maximum $25,000) or a 50% matching grant of up to $10,000. Must result in creation of 1 or more FTE
 
Working Capital Loans
 
Minority & WBE Loan – up to $25,000 in funds for minority-owned businesses operating in the City of Niagara Falls. Must result in the creation of 1 or more jobs.
 

 

Niagara County Programs

Type of Assistance
Incentive Description
Fixed Asset Loans
 
Niagara County Development Corporation Revolving Loan Fund (NCDC) - Up to $200,000 or 1/3 total project cost. Must result in job creation or retention. Rate is 80% of prime with ceiling of 10% and floor of 5%

Niagara Economic Development Fund (NEDF) - up to $250,000 or 1/3 of eligible project costs for financing real estate, machinery & equipment. Manufacturing and warehouse/distribution are eligible. Must result in creation or retention of jobs ($25,000/ job). Take out lender. Rate is 3 points below prime with ceiling of 10% and floor of 5%

Niagara County Brownfields Cleanup Revolving Loan Fund Program - 3% loans with no maximum or minimum loan amounts to assist with the remediation of brownfield sites in Niagara County
 
Grants/Loans
 
Niagara County Federally Funded Community Development Block grant - combination grants/loans for job creating projects
 
Real Property Tax Abatement
 
Industrial Revenue Bond or Leaseback transaction. Real property tax abatement for 5 yrs. (Retail, Opportunity Zone), 10 yrs. (Commercial), or 15 yrs. (Industrial)

Opportunity Zones Program - 5 year, 100% real property tax abatement, with sales tax abatements, for retail , commercial, and tourism related businesses locating in economically distressed areas of the City
 
Sales Tax Abatement
 
Applies to materials used in the construction or rehabilitation phase of the project
 
Small Business Assistance
 
Microenterprise Assistance Program – 3-component program: educational, technical assistance, and loan fund of up to $25,000. Program for low to moderate income participants or create jobs for low to moderate income individuals. Participation is competitive, based upon applications received.
 
Training
 
NCCC Corporate Training - Custom designed training programs, OSHA training, training grant development and management assistance, ISO training, regulatory training and total quality management.

Niagara County Employment & Training - Administer training funds under Federal Workforce Investment Act. Assist unemployed, low-income or dislocated and incumbent workers with training opportunities. Assist employers by providing assessed, qualified candidates for employment.
 
Utility Incentives
 
Empower Niagara - Low-cost hydroelectric power for small to medium sized businesses that may not qualify for NYPA power programs. Must be located in Niagara County and must not already be a recipient of any other statewide power program. Company must be planning to acquire or expand an existing facility or build a new one. Company must create at least 75kW of net new load. Project must result in the creation and/or retention of jobs with a commitment in writing. Project must be completed within 2 years and construction must begin within one year of application approval.
 

New York State Programs

Type of Assistance
Incentive Description
Grants/Loans
 
Western New York Regional Economic Development Council (WNY REDC) - State funding is available through the WNY REDC for economic development projects that result in job creation and/or provide a return on investment. Interested applicants must submit an on-line Consolidated Funding Application to apply for economic development resources currently available from multiple New York State agenciesand authorities. Application deadlines and funding amounts vary depending upon the applicable state program(s).

New York Linked Deposit Program (LDP) – Empire State Development - 2% interest rate reduction/3% reduction if certified EZ business. $2 million loan limit for working capital and fixed assets. Manufacturing and service are eligible. Must result in retention or creation of jobs.

USA Niagara Grant Program - To encourage jobs and new investment in downtown Niagara Falls. Funds up to $100,000 or 50% of eligible project costs. Grant award amounts are measured against established grant criteria
 
New York State Excelsior Program
 
Eligibility - Expanding companies in biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing

Real Property Tax Credit - Must qualify as a Regionally Significant Project or be located in an Investment Zone. May claim credit for 5 year period. Credit equal to 50% of eligible real property taxes assessed and paid in year immediately prior to application. Year 2 = 40%, Year 3=30%, Year 4=20%, Year 5=10%

Investment Tax Credit - 2% of qualified investment

Jobs Tax Credit - Credit up to $5000 per new job based on projected income tax receipts for each new job

R & D Credit - Equal to 50% of taxpayer’s actual federal R&D credit up to a cap of 3% of R&D expenditures in NYS

Utility Incentives - Excelsior Program Authorizes utilities to offer discounted gas or electric rates
 
Training
 
New York State Department of Labor Division of Employment Services - provides business with information and workforce they need in order to maintain or expand their operations. One Stop Center partner.
 
Utility Incentives
 
Recharge NY - low cost power program for companies that create and/or retain jobs.

New York State Energy Research and Development Authority (NYSERDA) – incentives for companies that use alternative energy or improve energy efficiency
 

Other Assistance Programs

Type of Assistance
Incentive Description
Fixed Asset Loans
 
Job Development Authority (JDA) - Loan limit of $1,500,000 or 40% of eligible costs/60% in EDZ. For financing real estate and machinery and equipment. Manufacturing and warehouse/distribution are eligible. Must result in creation or retention of jobs

Small Business Administration SBA 504 - $750,000/$1,000,000 loan limit in a distressed city. 40% of eligible costs. Manufacturing, retail and assembly/distribution are eligible. Must result in creation or retention of jobs ($35,000/job)
 
Grants/Loans
 
National Grid - Building Ready Upstate; Shovel Ready Infrastructure Grant; Main Street/Commercial District Revitalization; Urban Center Corridor Revitalization
 

 





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