The Amherst Industrial Development Agency on Friday morning approved a refinancing by Iskalo Development Co. of an existing commercial building in the Village of Williamsville, allowing the developer to use extra proceeds for building and tenant improvements.
The project involves a 20,000-square-foot building at 52 South Union Road, which Iskalo bought, renovated and equipped for tenants in 2007. It's currently occupied by tenants such as Bloomfield Industries, the Cosmetic Vein & Laser Center, a Fresenius Kidney Care dialysis center and Geraci Spine and Sports Medicine.
Iskalo plans to refinance the remaining balance of $3.94 million, taking out a new loan from M&T Bank Corp. for up to $4.5 million. The developer is not seeking additional sales tax exemptions, but would receive a 0.75 percent exemption on the mortgage recording tax for the difference between the outstanding balance and the new loan amount. That tax break is estimated at $4,213.
The current payment-in-lieu-of-taxes is not affected, and full property taxes will begin in 2018.