Tax incentives were granted Wednesday to a businessman who plans to open a banquet center and boutique hotel in Lockport's old Tuscarora Club.
The board of the Niagara County Industrial Development Agency unanimously approved the deal for Gasport businessman Dominick L. Ciliberto, who bought the vacant structure at 128 Walnut St. from the City of Lockport's development agency for $230,000 in 2018.
Ciliberto plans a banquet venue on the first floor and a total of 18 hotel rooms on the second and third floors of the 108-year-old building. The building has been vacant since a restaurant closed there in 2014.
Financing for the $2.5 million makeover plan includes $800,000 of his own money, a $900,000 bank loan, a state grant and federal tax credits. Ciliberto would save an estimated $316,000 with a 10-year property tax abatement and an exemption from paying sales tax on building materials and furnishings.
Four jobs would be created.