Gov. Paterson signs tax credit bill that should spur economic development

Delen Goldberg of the Syracuse Post-Standard writes -”A historic preservation tax credit bill sponsored by Sen. David Valesky and signed into this week by Gov. David Paterson will almost certainly spur economic development in downtown Syracuse.

“It’s going to help with the financing on the Dey Brothers building, the 300 block of South Salina Street,” said Robert Simpson, president of the Metropolitan Development Association. “It opens up new opportunities for the redevelopment of a handful of buildings we’ve been wrestling with.”

The program provides tax credits of up to 20 percent on rehabilitation costs for commercial properties, with a cap of $5 million. Credits are targeted specifically to distressed areas, including Syracuse and several other Central New York cities.”

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