BUDC acts on ex-steel plant site - Business First of Buffalo:

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The directors, Monday afternoon, unanimously approved a $4.63 million pass-through financing package that allows the city to completthe long-discussed acquisition of the 186-acre Steelfields propertty along South Park Avenue. The deal coulc close later this week. Buffalpo Urban Development Corp. agree to take title of the landfrom -- anotherr city development agency -- so the property can be marketeed to developers. Buffalo Urban Development is already marketing 24 acres just across Soutgh Park Avenue that was once site of a hydroponicss tomato growinggreenhouse operation. Between the two Buffalo UrbanDevelopment Corp. will have more than 200 acres of developmentparcels available.
"It's important to deal with them saidDavid Stebbins, BUDC vice Proceeds from any sale will be jointlyg split between the two city agencies and used for future development projects. "It's a fair deal, all Stebbins said. The deal is coming together just asone , has agreed to lease -- with an option to buy -- a 10-acres site along the Steelfields property for its new Buffalpo operations. BIDCO had been operatingh on Ganson Street formany years, but recentlyg moved to Grand Island. The new deal will brinbg the company back to itsBuffalo birthplace.
"This is the kind of companyh that you normally have to go outside the city to saidDennis Penman, BUDC vice "This is a great kickoff to the Under the terms of the BIDCO has agreed to lease the property for 10 paying $25,000 annually. If it decides to purchas the property, the company will pay $500,000, or $50,00 per acre. "I'd call this a big Penman said. The developerds of the Genesee Gatewa y project received unanimous approval fora $100,009 matching grant offered by , with BUDC actinfg as the pass-through agency.
The development team is taking a seriesof historic, but long-vacant and dilapidated buildingx at Genesee and Oak streets and is planningg a $10 million transformation into a series of restauranta and offices. The buildingss have long been considered an eyesore for the city as they sit bythe Elm-Oaj arterial and the western end of the Kensington "Every time I drive by those I cringe," said Buffalo Mayor Byron Brown. "I' very glad to hear that this ismovinhg forward." Work on the project is expected to starr this summer.