UDA SUCCESS STORY
First Niagara Bank Aids in the Redevelopment of Buffalo's Lakeside Industrial Park
The Buffalo Lakeside Industrial Park has come a long way from its once abandoned state, formerly referred to as the Union Ship Industrial Park. The project is part of Governor Pataki's "ReBuild Now-NY" program, designed to return brownfield sites to viable, shovel-ready property to attract business and improve local economies. Member lender First Niagara Bank used a $9,375,000 HLB Urban Development Advance (UDA) with a 10-year term and a 20-year amortization to provide funding to Krog USC Associates, LLC, a small engineering and construction firm experienced in challenging construction projects.
Krog USC Associates, LLC will use the funding to resurrect a 276,800 square-foot building for the industrial park's first contracted tenant, CertainTeed Corp., a vinyl goods manufacturing company. The new facility will serve as a manufacturing and distribution center for CertainTeed, enabling them to potentially double their current capacity to serve western New York. According to state officials, approximately 25 new jobs will be created at the new plant.
UDA funds support economic and community development projects located in local government entities with a population greater than 25,000 that benefit households with incomes at or below 100% of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to mitigate interest rate risk. UDA funds may be used for the financing of commercial, small business, manufacturing, social service, and public facility projects and activities, as well as the construction and rehabilitation of public or private infrastructure, including roads, utilities, and sewers. For more information about the UDA program or to see if the project you have in mind qualifies, contact us at (212) 441-6850.