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Termini Pulls Plug on $60 Million AM&A's Project in Buffalo

7:40 AM, Sep 21, 2012   |    comments
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BUFFALO, N.Y. - Developer Rocco Termini tells 2 On Your Side he's pulling the plug on a $60 million plan to transform the vacant AM&A's Building on Main Street in Buffalo into a mixed use facility with retail, apartments, a hotel, and office space.

Two weeks ago, Termini told Investigative Post Editor Jim Heaney that Governor Andrew Cuomo still hadn't signed legislation passed by the state senate and assembly that would raise the ceiling on tax credits for developers that restore old buildings. The current cap on credits is $5 million. Termini needed the cap to be raised to $12 million to make the AM&A's renovation feasible.

"The building is 100 percent leased by various businesses that we've already been in contact with," said Termini to Heaney.
He added "If it's (the legislation) not signed in a couple of weeks we'll get a move on to another project because we don't want to lose our tenants."

Now that Termini's option on the AM&A's property has expired, he told 2 On Your Side's Melissa Holmes he's indeed moving on.

"I have some tenants that need to be into space by the first quarter of 2013 and I have a commitment those tenants," Termini said.

Termini says the three major tenants who planned to move in there and bring 500 jobs with them, will move into another yet-to-be restored building downtown.

"We can't reveal what that building is at this point but we will in the next couple weeks," he said.

A spokesperson for the Governor said the historic tax credit legislation is still under review in the Senate. Once it arrives on Cuomo's desk, he's got 10 days to sign it or veto it.

A spokesperson for the Governor said the historic tax credit legislation is still under review in the Senate. Once it arrives on Cuomo's desk, he's got 10 days to sign it or veto it.

A spokesman for Senate Majority Leader Dean Skelos, Scott Reif, told 2 On Your Side there are 86 bills passed by both houses that still need to be sent to Cuomo for his approval. He requests batches of bills and has not yet requested this one. Reif said he has no specific timeline other than that the governor has to have it by the end of the year.

The AM&A's Building has been vacant for nearly 20 years.

Termini recently completed a $42 million renovation of the Hotel Lafayette in Buffalo. He said historic tax credits were key to that project.

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