Terry Pegula and the Sabres are making a gigantic investment in downtown Buffalo. They will build a $123 million complex that includes two ice rinks, a hotel, retail and a “destination” Tim Horton’s. (It’s supposed be a really special Tim Horton’s.) It will be connected to First Niagara, where the Sabres play. It’s considered a first-of-its-kind concept in the NHL.
While the city is providing tax abatements, it does not appear Buffalo threw a ton money at the deal, the Buffalo News reports:
The Sabres will pay the city $2 million for the 1.7-acre parcel, and city residents will be sought for post-construction jobs. Local labor will be used for construction. Employees of the ice rink and parking ramp also will be paid a living wage, Brown said.
The Sabres are expected to seek a payment-in-lieu-of-taxes agreement, which abates local property taxes, and state brownfield tax credits. Brown said he did not expect the city to provide additional financial assistance for the project, which Sabres spokesman Michael M. Gilbert confirmed.
WGRZ reports the Sabres will pay about $4.8 million in taxes a year once the project is done. The station also reports there are deadlines built into this deal:
Under terms with their agreement with the city, the Sabres need to have the parking garage and ice rinks open by no later than September 30, 2014…The Sabres have until May 30, 2015 to open the 200 room hotel.
This is very exciting for downtown Buffalo and hockey fans.
Rochester needs a Terry Pegula downtown. Maybe he’ll buy Blue Cross Arena, home to his minor-league club, and take a shine to Midtown?