Senator Schumer speaks about tax credit incentives to rebuild Hotel Syracuse at Downtown press conference.
/ Dora Scheidell
SYRACUSE -- In front of the vacant Hotel Syracuse, Senator Schumer lent his support to a collaborative effort to revitalize the historic landmark in Downtown Syracuse.
Schumer is trying to help secure $10 million in tax credits from a US Treasury Program to attract a developer to restore the vacant hotel.
The $10 million would come from $75 million in New Market Tax Credits (NMTC) that CenterState CEO applied for to boost development in Central New York.
The tax credits would cover 39% of a developer's investment costs.
Schumer says the project which would add over 330 hotel rooms, would provide a major boost to the Onondaga County Convention Center and create nearly 400 jobs.
New York State and Onondaga County have already allocated funds for the hotel's rehabilitation and the hope is the $10 million NMTC allocation will make the location attractive to prospective developers.
Senators Schumer and Kirsten Gillibrand are both urging Treasury to prioritize CenterState CEO's application for New Market Tax Credits and provide them with the funding to move the project forward.
Hotel Syracuse, which has been vacant since 2004, is currently owned by GML Syracuse LLC which owes $570,000 in back taxes to the city.
