Reuse plans for the Lafayette Hotel continue to inch along while the historic preservation tax credit mess in Albany slowly straightens itself out. State and federal historic preservation tax credits are crucial for the $35 million redevelopment project to proceed.
First up, Governor Paterson is expected to sign amendments to the New York State tax credit program passed by the Assembly and Legislature into law sometime before September 3. The changes widen the eligibility pool for the tax credits, providing more incentive to invest funds in rehabilitation projects across the state. The amendments allow banks and insurance companies to claim the tax credit, giving greater access to those wanting to restore and rehabilitate historic commercial structures.
Rocco Termini says these changes are necessary to rehabilitate the Lafayette Hotel into commercial, hotel and residential space. But the Governor's signature to the amendments is just the first step. The tax credit 'carve out' is also required.
The preservation tax credits are one of 30 tax credit programs that are being deferred as part of the recent passing of the state budget, pushing payback on credits earned in 2010 - 2013 out to the 2014 - 2016 timeframe. The Governor proposed a deferral of 50 percent of tax credit value; the Assembly countered with and passed a proposal to defer 100 percent of tax credit value for credits over $2 million in value.
A push was made to remove the preservation tax credit program from the deferral list as the state budget was being finalized but failed.
Senator David Valesky introduced a Chapter Amendment in the Senate to carve the program out. That will be under consideration next month when the Senate plans to reconvene to address unfinished business. The Assembly is reportedly prepared to do the same.
While the tax credit program gets tweaked, Rocco is refining his Lafayette development team. Hamister Hospitality Group is no longer involved with the project. Rocco says he has a new operator for both the 34-room boutique hotel planned for the second floor and the first floor banquet facilities. He wouldn't say who will take the place of Hamister but did say a lease should be signed soon.
According to Rocco, Hamister remains on board for the planned redevelopment of the nearby AM&A's Department Store. That project, says Rocco, will not start until sometime next year. Hamister will operate the building's 117 hotel rooms. Downtown sources say Hamister remains interested in operating a boutique hotel downtown and has been actively looking for a suitable development site.
Carmina Wood Morris is the project architect for both the Lafayette Hotel and AM&A's redevelopment projects.
I don't like what Rocco has decided to do with this building. Where was the public hearing? My rights as a taxpayer are being trampled, I plan to sue. We can't have unaccountable business executives just go willy nilly fixing things without public input, ya know.
I'm putting together the "Sensible Lafayette Hotel Renovation Alliance" as we speak. This must be stopped.
Instead of a lawsuit, couldn't your new Alliance just make your statement using a Facebook page or joining hands in a circle or something?
I read somewhere that the Lafayette will create jobs in Upstate by reversing sprawl. Sounds important.
The hand-joining thing seemed to help stop the oil spill.
Nonsense. Everybody knows the best way to influence public policy is to scream like a 2 year old during a town hall meeting. Make your face as red as it can get, tear your eyes, and cry from the rooftops. If someone tries to counter your "argument" just cry louder. I don't recommend using your ability to speak but if you must talk be sure to make irrelevant and meaningless ties of your point of view to the American flag and the founding fathers and your opponents view to communism, Satan etc.
Now if your opponents attempt to hold a meeting of their own, at a local restaurant for example, use your screaming powers to berate, bully, and annoy the proprietor into keeping those commie devil worshipers out. It doesn't matter that they have the right to speak in public because your opinions and views are the only ones that matter.
Sounds irrational and childish but the talk radio types have said this is the best method to have your way with government and those who think differently from you.
pit, but Chris wrote his Alliance is mad because there wasn't a hearing or public input about the Lafayette plan. So they were denied the approach you suggest.
See, that's a benefit of the awareness-raising hand-joining strategy that helped clean up the Gulf and reduce oil use - no dependence on the establishment to hold meetings.
Some town hall meetings are useful, like the one in Buffalo when Obama listened to our concerns and explained how he's helping the economy here. That q&a didn't sound at all pre-screened or pandering.
That's how all of those meetings should be - the audience being politely deferential to our rulers who only want what's best for us. Why should citizens ever publicly argue with anything elected officials say?
The only local radio talk that's good is when BR folks visit the NPR station for a 3-way debate about just how cool the cool parts of the city are. It's plenty of opinion diversity.
Hey Chris,
Can I ask you why you don't trust this building to a guy who has done so many great things to other buildings in the city? Who is going to do it, you? Don't you have anything better to do other than sue? Why do you think the waterfront projects are moving so slow. It's idiots that have nothing better to do that just want to complain for the sake of complaining.
I'm not too sure but I'm gonna go ahead and say he was being sarcastic. Take it easy.
Louis,
I am no longer going to take it easy with the out of line and outspoken comments that are left here and anywhere else concerning downtown projects. Where is all this outlash when they talk of building a new project in Amherst? Tell me this, why do you think the bass pro porject is dead? A LAWSUIT!! You think Bass pro wants to deal with that? Nope.... They are building 2 stores as we speak, so we know that it wasn't them that can't produce. Leave the development to the developers.
He was being sarcastic. Making a joke. Do you really think he is planning to sue?
Oh, and the Bass Pro deal was dead long before the lawsuit. I offer to you as evidence: the year is 2010. Shlt doesn't take nine years. Whether it was the BP side or CS, it was dead long before the lawsuit and long before Brian Higgins sent a salvo.
You dont get it. It didnt matter whether Bass Pro came or not. Bass Pro was political.
Bass Pro justified the Niagara Power re-licensing, it justified politicians asking Niagara Power for more money and a better deal, it justified the creation of the Erie Canal Harbor Dev Corporation providing nice jobs to the well connected, it justified state monies for restoration of the 4 streets, then justified the expansion of the Canal to Washington and even now it is justifying the Lift Bridge to the Outer Harbor and the integration of the DL&W.
None of this would have been justified without Bass Pro.
Thats the way of taxpayer infrastructure money...get the money and build it...then it doesnt matter if whatever justified it succeeds of fails because the money has been spent.
Thing is that Buffalo seems to know this lesson for Canalside but it wont apply that lesson to other things like UB or Buffalo State or a new Convention/Conference Center or extending the light rail any of the many other long delayed infrastructure project.
You're on a different topic, dude.
Well, more responding to you bringing up Bass Pro than changing the subject.
The Lafayette is in many ways the precursur to the Statler just as the AM&As warehouse lofts were precursurs to AM&As and Lafayette.
If the Lafayette is a winner which I predict that it will be then developers will rethink their numbers and the potential of the Statler.
(Personally I wish little details like all that painted wall and ceiling molding gets stripped back to its original...and the lobby goes back to its original pre-art deco but these extra steps are for Buffalo since the extra expense wont add to the profitability of the building)