The owner of Antique World is seeking tax breaks for a $1.5 million expansion into a neighboring building that includes seven luxury apartments and a store featuring his most valuable items.
The Clarence Industrial Development Agency would grant a payment in lieu of taxes agreement along with sales and mortgage recording tax breaks to Kelly Schultz for the project at 10855 Main St. The agency hasn't calculated the value of the tax breaks but will do so before the Feb. 15 public hearing on the project.
Schultz last year acquired the property from Transitown Dodge for $355,000. He plans to renovate the existing 7,800-square-foot building on the site, at a cost of $750,000, and build a 4,200-square-foot addition, also at a cost of $750,000, according to Paul Leone, the IDA's consultant. The project would create five full-time and two part-time jobs within two years of completion, Leone said.
About 2,800 square feet would be devoted to retail, space where Schultz previously said he intends to sell specialized, high-end antiques. The project is eligible for tax breaks because the number of apartments makes it a commercial project, it's an adaptive reuse of a vacant building and the cost of the retail component is less than one-third of the overall cost of the project, Leone said.
The Town Board already has reveiwed the project, dubbed the Delahaye.
Schultz's Antique World opened in 1981 and has grown over the years to four buildings, a total of 100,000 square feet on 150 acres of land, with hundreds of co-op dealers and 375 storage units.
Schultz bought farmland next to Antique World 22 years ago and the auction building and surrounding farmland become the Great Pumpkin Farm for seven weeks in September and October.
In addition to Antique World, Premier Antiques, Schultz Auctioneers and the pumpkin farm, on 350 acres on Main Street, Schultz also owns the Clarence Courtyard Plaza.