Community Renewal Good Stories - Niagara Falls

Information by State  Print version

Encouraging a Business To Stay-and Expand

Niagara Falls, New York, RC

ParMed Pharmaceuticals was considering relocating from its site in Niagara Falls until the city stepped in and used tax credits and other incentives to convince ParMed not only to stay, but also to increase its operation. At the time, ParMed employed 85 local employees and relocation would have been a significant loss to the local economy.

A 2-acre parcel of land adjacent to ParMed had been declared a brownfields site. The parcel was a wasteland of construction and demolition debris and had historically been used for industrial purposes. The owners, the Niagara Falls Urban Renewal Agency, remediated the site through its Brownfield Development Pilot Program and then sold it to ParMed. Since the parcel is located in a New York State Empire Zone, ParMed was able to access New York State tax credits and incentives, including RC employment credits and an RC CRD allocation. The cleanup and sale of the parcel, along with the additional financial benefits gave ParMed enough confidence to stay in Niagara Falls and to expand operations. Robert Vaccaro, director of finance for ParMed, said, "We are happy to increase our operations in the city of Niagara Falls Renewal Community and benefit from RC incentives."

ParMed Pharmaceuticals is now constructing a 20,000-square-foot warehouse on the remediated site at a cost of $1.5 million. So far the expansion has created five new jobs. Niagara Falls has benefited from the entire process: a brownfield site has been remediated, existing jobs have been retained, and new development has meant more jobs and an increased tax base.

For more information on the programs of the Niagara Falls RC, please contact Niagara Falls city Economic Development Specialist, Tom Tedesco, at (716) 286-8834 or visit the city's Web site at www.nfez.org.