Business
4:51 pm
Wed October 10, 2012

Historic Niagara Falls hotel getting new life

The Niagara County Industrial Development Agency has approved tax assistance for a company that plans reopen the historic Niagara Hotel.

JSK International Corp. plans to fully restore the hotel at 201 Rainbow Boulevard in the City of Niagara Falls.  JSK was approved for a 10-year sales tax abatement program of a little more than $3 million.

Niagara IDA chairman Henry Sloma tells WBFO News the assistance will allow the company to fully restore the hotel on Rainbow Boulevard.

As the city continues to struggle economically,  Sloma says the $23 million project will create more than 100 full and part-time local jobs in Niagara Falls.

"I think it starts to renew faith in the destination. I think investors are hesitant. They don't want to be first or second, but if they see activity and they see people making investments, it changes the tone," said Sloma. "This is a good sign for future development."

The 200-room hotel was built in 1924.  When complete,  it is expected to have a more than $15 million economic impact.