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May 2 hearing set on tax breaks for North Tonawanda school conversion

A public hearing on a tax break for conversion of the former Col. Payne Elementary School in North Tonawanda into 37 apartments will be held at 3 p.m. May 2 in the North Tonawanda Public Library, 505 Meadow Drive.

The Niagara County Industrial Development Agency, which announced the hearing Friday, is expected to vote on the project May 9.

Developers David Cloy and David Sutton have a $3.7 million plan to buy the school at 460 Wheatfield St. and convert 35,000 square feet into one- and two-bedroom market-rate apartments.

Sutton, however, said he and Cloy still are analyzing the project.

"We have to make sure it's financially feasible," he said.

Sutton said the project definitely won't be feasible without the property tax, sales and mortgage tax incentives that would save the developers an estimated $494,000 over 15 years.

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