NFNY Hotel Management, LLC – the company behind the Daredevil water park project set for Niagara – has been granted a 12-year tax break by the Niagara County Industrial Development Agency.
The package awarded to the company will save its principals $5.2 million in local property taxes and $1.4 million in local sales tax fees over the 12 years.
“At this point, everything is in his court,” Stephen Brady, the IDA board’s chairman, told the Niagara Gazette. He said he has indications the company intends to “move quickly.”
American Niagara Hospitality plans to build a $20 million Daredevil themed water park and $50 million, 200 room hotel in downtown Niagara Falls.
The development would be built on top of the Sheraton at the Falls hotel, owned by American Niagara Hospitality, and nearby the Seneca Niagara Resort and Casino.
The water park project will create 40 state and regional jobs, according to the company’s IDA application.
Geoffrey Reeds, the vice president of sales and marketing for DiCienzo’s America Niagara Hospitality, said: “This is about job creation, this is about strong attractions. This isn’t a fly-by-night carnival ride. This gives us the ability to create a regional draw that grows the tax base.”