Governor Cuomo Announces Agreement on $25.3 Million Project with the Hamister Group, Inc.

September 19, 2013

Formerly Stalled Project to Support Tourism Activity and Economic Development throughout the Region Governor Andrew M. Cuomo today visited Niagara Falls to announce an agreement on the $25.3 million, mixed - use project proposed by the Hamister Group, LLC, and to thank the City Council for their support. The City Council recently voted in favor of the project, which is located at a city - owned site at 310 Rainbow Boulevard in downtown Niagara Falls, New York.

“With the approval of the Hamister project, the City of Niagara Falls i s taking a major step forward in our ongoing work to revive the local tourism industry and economy,” Governor Cuomo said. “This project will support new jobs and tax revenue, spurring economic activity for the whole region. With the magnificent Falls as ou r anchor attraction, this significant investment will enhance the visitor experience in Niagara Falls, draw visitors to explore all of what the region has to offer – and in the long run – encourage longer stays, cultivate repeat visitors and improve the ci ty’s image in the global tourism market. This is truly good news for the City, and I applaud the Council for acting in the best interests of the community.”

“Governor Cuomo took extraordinary steps to move this project forward,” said The Hamister Group, I nc. Chairman & CEO Mark E. Hamister. “His direct involvement saved this project and sent a message to Western New Yorkers that he is willing to fight to make Niagara Falls a premier destination. With a strong commitment from Governor Cuomo, and the commitm ent of the good people in Niagara Falls, I too am committed to bringing this project to a reality.”

“The green light for this project signals a new day in economic development for Niagara Falls,” said City of Niagara Falls Mayor Paul Dyster. “Thank you to Governor Cuomo for making this project a priority. Your support of Niagara Falls development is helping to generate a new momentum that will bring positive change to this city.”

The Hamister Group, LLC will fund the balance of the $25.3 million project. It will be the first non - casino new development of this scale in over 40 years and programmatically will be over 100,000 square feet. In total, the development will consist of 110 upscale hotel rooms, 24 market - rate residential rental apartments, and up t o 8,000 square feet of ground - level retail. The project is estimated to generate between 200 and 300 direct, indirect and induced jobs during constructio n and create 70 permanent jobs.

The USA Niagara Development Corporation (USAN), led by President Chri stopher J. Schoepflin, was instrumental in negotiating the development agreement, which includes a state grant of $2.75 million.

Once the project agreement is signed in October of this year, the developer can then apply for a franchise agreement, which t hen enables the design phase. The groundbreaking is expected to take place in the second half of 2014.

Governor Cuomo also congratulated the Council members, including Robert A. Anderson Jr., Charles A. Walker and Kristen M. Grandinetti, who voted to supp ort the Hamister Project.

Senator George Maziarz said, “It has taken a team effort to make the Hamister Project happen here in Niagara Falls. Just like last weekend, when it was do or die for the Bills — they didn’t give up and fought for a win. Governor Cuomo should be credited with calling the right plays on this important development to get the win for WNY and for the all - important tourism industry. ”

Assemblyman John D. Ceretto said, “Let’s shine a light on the Hamister project and recognize that it is a beacon to draw additional development to the Falls . Governor Cuomo identified this as a crucial initial project that is necessary to move the revitalization of Niagara Falls forward. When the governor saw the approval process floundering he personally to ok action to save it, proving his commitment to making Niagara Falls a world class tourist destination.”

The Hamister Group, LLC, founded in 1977 and based in Buffalo, is a recognized leader in hotel and healthcare facility development and management. It s hotel holdings include facilities in Pittsburgh, Knoxville and Louisville. They are currently also advancing a project in Buffalo to adaptively reuse the Tishman Building on Lafayette Square as a mixed - use office, residential and hotel property featuring a new Hilton Garden Hotel.

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