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Niagara Falls Parking Lot

Niagara Falls, NY: (Oct-23-07) The city of Niagara Falls brought a lawsuit against its Urban Renewal Agency and a Canadian hotelier, over a parking lot near Fourth Street that has long been scheduled for development. The suit also mentioned that the city and its developer Dino DiCienzo, have been embroiled in a legal battle over who stands to receive proceeds from the land when it was acquired by Empire State Development Corp. Sources claimed that DiCienzo and his company, Intertrust Development, sued the city's renewal agency in 2005 after it turned down his proposal to build an indoor water park on the site and instead canceled an agreement signed in 1989 that allowed DiCienzo's company to purchase and develop the land.

In a recent development, the agency's board unanimously approved a settlement in which it would split a $1.65 million advance payment made by Empire State Development for the parcel. Further, under the deal, the city's renewal agency will declare that DiCienzo's water park proposal complied with the contract. DiCienzo's company will pay the contract's $148,602 purchase price for the land, and the agency will reimburse $48,375 Intertrust has paid to use the land since May 2005. Since the lawsuit was filed, Empire State Development has acquired the Holiday Inn and the adjoining parking lot through its power of eminent domain for the Seneca Nation of Indians. [BUFFALO NEWS: PARKING LOT DEVELOPMENT]

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Published on Oct-25-07


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