Schumer, In Meeting With New Market Tax Credit Leaders & Sibley Building Owner, Pushes Groups To Allocate Tax Credits Needed To Complete Major $200 Million Redevelopment At Sibley Building, A Historic Landmark In Downtown Rochester, And Revitalize Downtown Economy, Create Jobs

U.S. Senator Charles E. Schumer personally met with members from leading Community Development Entities (CDE) that allocate federal New Market Tax Credits and the Sibley Building owner, WinnDevelopment, and urged the CDE's to award the federal funding needed to make the $200 million redevelopment of the historic Sibley Building in Rochester a reality. Schumer pushed the groups to allocate federal New Market Tax Credits (NMTC), which can be sold to generate capital funding for transformative projects to Sibley that are needed to get the construction project underway. Specifically, Sibley is applying for $40 million in NMTC funding that would allow it to move forward on plans and yield an approximately $12 million in federal investment in the revitalization. Schumer said the project is ready to break ground and is just awaiting a NMTC allocation. Schumer said this these NMTC are the final piece of the puzzle that will enable the start of construction for the $200 million redevelopment of the Sibley building that will include the new University of Rochester Downtown High Tech Business Incubator Accelerator. Schumer said the project will create hundreds of jobs and restore life to one of the largest buildings in downtown Rochester.

The meeting today is a continuation of a push Schumer originally began last year. Previously, Schumer wrote Treasury Secretary Lew to push for federal funds to support its successful redevelopment as a mixed-use building with new housing, commercial, and retail space, which has long been seen by local leaders and developers as an essential part of revitalizing Rochester's downtown. The Community Development Financial Institution within the Treasury Department, which oversees the NTMC program, expects to award up to $3.5 billion in NMTC allocations by spring 2015 to a number of Community Development Entities (CDE). Today, Senator Schumer met with leaders from a number of those CDEs and urged them to allocate funding to Sibley should they get an award this year.

"The Sibley building is one of many downtown Rochester historic sites prime for redevelopment. These New Markets Tax Credits provide the key to turn the Sibley building into a modern, attractive space for investment, and unlock economic revitalization in downtown," said Senator Schumer. "Sibley has all the parts in place to be a successful turnaround story: it has the necessary space and the right location to be the home of the University of Rochester's new High Tech Business Incubator and a hub for downtown housing and commercial real estate. We just need the capital to get the project moving and that is exactly why I am pushing the NMTC lenders to make this sound $40 million investment in Downtown Rochester -- which will revitalize the Sibley building and create hundreds of good-paying, local jobs."

Source