Erie County Executive Chris Collins and Buffalo Mayor Byron W. Brown are encouraging local businesses and developers to apply for millions of dollars in tax exempt bond financing in an effort to spur local, private sector economic development projects. The bonds are made possible by the American Recovery and Reinvestment Act of 2009. The stimulus package allocated $17.1 million in Recovery Zone Facilities tax exempt bonds to Erie County and $7.2 million in bonds to the City of Buffalo.

Representatives from Erie County and the City of Buffalo will be reviewing applications and selecting projects for funding. To help ensure maximum economic benefit, there is a $3 million minimum funding request.

“This is a great opportunity for local businesses and developers looking to finance a significant economic development project,” said Erie County Executive Chris Collins. “This sort of tax exempt bond financing is unique for private sector projects and I am hopeful it will act as a stimulus to jumpstart local projects with maximum economic benefit.”

“There are many development opportunities in the City of Buffalo,” said Mayor Byron W. Brown. “Any developer who has a project and is looking for different forms of funding, I encourage them to take advantage of this tax exempt bond financing and submit their application as soon as possible.”

The deadline to apply for this tax exempt financing is quickly approaching. All applications must be submitted to the Erie County Industrial Development Agency (ECIDA) by May 10, 2010. Projects will be evaluated based on their return on investment to the community, financial capability and ability to close the Recovery Zone bond by December 31, 2010. The application can be found at www.erie.gov and www.ecidany.com. For more information, please contact John Cappellino at the ECIDA at (716) 856-6525 x118.