Additional Potential Incentives

Potential Federal, State, Local & Utility Resources

A future adaptive reuse of 268 Main Street may warrant investigation of historic-preservation, economic-development, property-tax, energy-efficiency and alternative-financing programs.

The programs summarized below are not included in the property’s asking-price valuation or current commercial pro forma. No application, eligibility determination, approval or funding commitment is represented.

Program availability and requirements may change before a redevelopment is undertaken.

Historic Rehabilitation Tax Credits

268 Main Street is a historic commercial building constructed circa 1888–1889. A qualifying rehabilitation may be eligible for federal and New York State historic rehabilitation tax credits if the property, proposed work and ownership structure satisfy all applicable requirements.

The federal program generally provides a 20% income-tax credit based on qualified rehabilitation expenditures associated with a certified historic structure. The rehabilitation must follow applicable historic-preservation standards and receive the required approvals.

The New York State program generally provides a refundable credit tied to the allowable federal rehabilitation credit for qualifying projects located in eligible census tracts. The state credit is subject to statutory requirements and a per-structure limitation.

Potential credit proceeds cannot be estimated solely from total construction cost. Acquisition cost, site work, building additions, personal property, financing costs and other expenditures may receive different treatment or may not qualify.

A purchaser should engage experienced historic-preservation, accounting, legal and tax-credit professionals before including any historic-credit proceeds in a development capital stack.

Restore New York

Restore New York provides competitive funding intended to support the rehabilitation or redevelopment of vacant, abandoned, condemned or surplus properties.

Applications are generally submitted through eligible municipalities rather than directly by a private property owner. Any potential application involving 268 Main Street would require municipal participation, satisfaction of program criteria, completion of the required public process and approval by Empire State Development.

No Restore New York funding is currently committed to the property.

ECIDA Incentives

A qualifying redevelopment may warrant evaluation by the Erie County Industrial Development Agency. Depending upon the project, ownership structure, public benefits and agency approval, potential assistance may include:

• Sales-and-use-tax exemptions on qualifying construction purchases

• Mortgage-recording-tax relief

• Real-property-tax benefits through an approved payment-in-lieu-of-taxes agreement

• Other project-specific economic-development assistance

Benefits are not automatic and should not be treated as cash grants. The actual value depends upon qualifying project costs, financing, assessment, employment and other project-specific factors.

Energy and Building-System Programs

A future developer may investigate then-current National Grid, NYSERDA and related programs for qualifying energy-efficiency, electrification, controls, ventilation, domestic-hot-water and building-envelope improvements.

The existing water-loop HVAC system, boilers, fluid cooler and electrical infrastructure may provide opportunities for reuse or modernization. A qualified engineer must first evaluate system condition, capacity, energy performance and compatibility with the final redevelopment plan.

No particular equipment configuration, rebate amount or energy savings is represented. Many utility programs require approval before equipment is purchased or construction begins.

C-PACE Financing

Commercial Property Assessed Clean Energy financing may provide a long-term financing mechanism for qualifying energy-efficiency, renewable-energy or resiliency improvements.

C-PACE is financing rather than a grant. Availability depends upon applicable local authorization, property and project eligibility, energy analysis, capital-provider underwriting, mortgage-lender consent and other program requirements.

A purchaser should evaluate C-PACE together with its senior construction and permanent financing because the assessment affects the property’s long-term capital structure.

Relationship to the ACHIEVE Initiative

Potential ACHIEVE-related infrastructure assistance is discussed separately on the Grants/Incentives page. No ACHIEVE proceeds should be combined with the resources described on this page unless the applicable agencies and professional advisors confirm that the programs may be used together without duplication of costs or benefits.

Incentive Evaluation Notice

These programs are identified solely as resources that a prospective purchaser may wish to investigate. No representation is made that 268 Main Street or any proposed redevelopment qualifies for a particular incentive.

Prospective purchasers must independently verify program availability, eligibility, application deadlines, eligible costs, prevailing-wage requirements, historic-preservation obligations, tax consequences, financing compatibility and continuing compliance requirements.

No incentive value is included in the property’s current commercial pro forma, and no grant, exemption, tax credit, rebate or financing approval is transferred or guaranteed through the purchase of the property. See the website’s Legal and Disclaimer page for additional information.