Developer of in-progress $31M housing project in Williamsville seeks tax breaks – Buffalo News

Natale also hopes to have the first two of the three apartment buildings ready for occupancy by the end of 2021, with the third coming online in spring 2022, Corrao said.

But this depends on receiving tax breaks from the Amherst IDA, Natale said at the Jan. 25 Village Board meeting.

That's because labor for the project is getting more expensive and harder to find thanks to the pandemic and the cost of lumber and other building materials also is going up,according to Natale. Each of the three apartment buildings likely will cost an extra $250,000 to construct for those reasons, Natale said.

The apartment buildings represent about half the estimated $30 million cost of the project, Corrao said. The developer calculates the apartments now will cost $16 million to $16.5 million, with an unknown increase in the cost of the town houses still to come.

The tax incentives won't fully cover this increase but will help put the project back on solid financial footing, Natale told Village Board members.

Only the apartments would be eligible for the incentives, which would take the form of sales, mortgage recording and property tax breaks.

And the tax breaks, if approved by the IDA, only would apply to future investment in the project.

A payment in lieu of taxes, or PILOT, agreement would be the most lucrative piece of any tax incentives.

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Developer of in-progress $31M housing project in Williamsville seeks tax breaks - Buffalo News