Thursday, October 30, 2014

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Tax program helps RPCI reach project goal

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Buffalo: Tax program helps RPCI reach project goal
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BUFFALO, N.Y. — With every mission comes a cost.

For Roswell Park’s planned Clinical Sciences Center, that cost totals $44 million – a goal that was met Tuesday afternoon.

"I'm proud to announce with my colleagues that through the New Markets Tax Credit Program, the Roswell Park Cancer Institute will receive over $30 million in federal tax allocations," said Senator Charles Schumer, D-New York.

Roswell Park CEO Dr. Donald Trump explained those credits will go a long way.

"It results in more than $6 million in funding which allows us to get over the hurdle for the initial phase of construction."

Officials broke ground on the 11-story facility in February after securing $38 million, and hoped to secure an additional $4 million in funding from the federal tax program designed to increase investment in low-income areas. The funding will cover Phase One of the project, construction of the first five floors, and framing of the remaining six. The center is set to house a new Chemo-infusion center, mammography and survivorship center when complete.

"We have to ensure that Roswell continues to be at the forefront of cancer research, not only in the nation but the world because in doing so, it's the economic engine that will drive downtown and regional development,” said Rep. Brian Higgins, D-26th District

That and create hundreds of permanent and construction jobs. Close to 300 full-time positions will be created as a result of the project.

Phase One of the Clinical Sciences Center is set to be complete by March 2016, efforts are already underway to raise funds for Phase Two.

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