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... call for help

   The second leader, er, editorial today says that the governor needs someone to stop him from making a very bad decision.

- Save the tax credit - Buffalo News Editorial
   Just when the state historic rehabilitation tax credits seemed a done deal and set to play a major role in the revitalization of Buffalo and upstate New York, the entire plan could be kneecapped to the point of inertia as a result of the New York State Legislature's consideration of tax law amendments that would "temporarily" defer certain tax credits for a period of up to six years.
   This is wholly unacceptable. This tax credit program must be carved out of an attempt to balance this year's budget on the backs of future returns and development. It's shortsighted, and Assembly and Senate leadership should correct Gov. David A. Paterson's egregious error in targeting the rehabilitation tax credit
.
   Background:
- Tax fix expected to boost projects - The Buffalo News, June 18
   The rehabilitation of the Hotel Lafayette is expected to move forward now that lawmakers have approved Roccoinlafayette changes in the state’s historic preservation tax credit program.
   The changes, sponsored by Gov. David A. Paterson and pushed by
Assemblyman Sam Hoyt, a Buffalo Democrat, are designed to correct what developers considered deficiencies in the tax credit law.
   “We’re planning to start the Lafayette 60 days from the point the governor signs the bill,” developer Rocco Termini
[right] said Thursday.
   Termini’s plans for the structure at 391 Washington St., at Clinton Street, include a high-end hotel, apartments and banquet center.
- Tax credit passed by lawmakers may be cut - The Buffalo News, June 23
   What New York State giveth, New York State can taketh away, sometimes just a week later.
   Gov. David A. Paterson is reportedly considering a budget reform that would delay for six years the same historic preservation tax credit improvements state lawmakers approved last week.
   “I can’t believe the governor would try to do this,” said Rocco Termini, developer of the downtown Hotel Lafayette and several other tax credit projects. “This would put them on hold again.”

-- George Pyle/The Buffalo News

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