Northwest Bank plans to spend $1.5 million to renovate and outfit a new regional headquarters in Amherst, according to project details filed with the Amherst Industrial Development Agency.
The bank is seeking $87,500 in sales tax breaks for the project from the agency, which is set to vote on the request at its board of directors meeting Friday. The bank has a 10-year lease with Ciminelli Real Estate Corp. for space at 375 Essjay Road in Centerpointe Corporate Park.
Northwest Bank, in its filing with the IDA, fleshed out the details of the project that the bank first announced last month. The bank promises to create 67 jobs within two years after work on the project is finished. Northwest also said it will retain 33 jobs by moving into the headquarters building positions now filled at sites scattered throughout the region.
However, Northwest went further in saying it could create a total of 115 jobs within five years.
The opening of the new, 25,000-square-foot headquarters is meant to give the bank space for a call center, training center, regional executives and back-office support departments. About $1 million of the cost would go toward renovations and $500,000 would go toward furnishings.
Construction on the currently vacant space would begin by the end of this month and finish by July 1.
Northwest bulked up its presence in the region last year by acquiring 18 former First Niagara branches. The bank has 167 full-service and nine drive-through locations in New York, Pennsylvania, Ohio and Maryland.
Empire State Development also is providing Excelsior tax incentives for the project, according to the IDA, which did not provide details.