The Niagara County Industrial Development Agency held a public hearing on March 5th for the Hamister Group's downtown Niagara Falls hotel project.
Three people showed up.
The Hamister Group has asked the IDA to grant a discount on the proposed hotel's taxes, called a "payment-in-lieu-of-taxes" agreement.
The request is estimated to be worth $4.2 million in tax discounts to Hamister -- $2.9 million in property taxes over 10 years, a sales tax exemption during construction, worth perhaps $1.1 million and a waiver of the mortgage recording tax, worth yet another $226,000.
The IDA board is expected to vote - and approve - the discount on March 11.
In addition to IDA tax breaks, the Hamister project, if built, will receive $3.85 million from state taxpayers through Empire State Development Corp.
In addition to the state grant and local tax discounts, the City of Niagara Falls will sell Hamister a parcel of land, located at 310 Rainbow Blvd, that was appraised for more than $1.5 million, for $100,000, to use as the site of the proposed hotel.
Combined, the Hamister Group, led by developer Mark Hamister, will reap around $9.4 million in taxpayer help for his planned 128 room Hyatt Place hotel.