U.S. Sen. Charles Schumer said Monday that he will pursue a New Market Tax Credit for downtown projects to lower the cost of the $29 million Explore & More Ralph C. Wilson, Jr. Children's Museum.
The tax credit allows developers to recoup 39 percent of the cost of an investment made in a downtown urban community.
"This tax credit gives projects a real boost, particularly with a tried and proven project like a museum," Schumer said. "I will use whatever clout I have in Washington to make sure we get our tax credit. It will be a huge boost to Explore & More, and help the waterfront and Canalside develop even better, bigger and stronger than it is now."
Museum officials aim for a December opening.