The initial payment of a total of $59,900 that is to be made by Seneca Niagara Casino has been approved by the Niagara County Legislature. The sum will be divided between local organizations, which are in charge of the region’s overall economic development.
The economic development fund totals $174,555.29. It represents about a quarter of the total portion assigned, which amounts to $698,221.15. The rest of the money – the remaining 75%, which are estimated to $523,665.86, are intended to be separated between local communities in correspondence to their population for purposes related to tax reduction.
The Niagara County Legislature voted to use the casino funding primarily for economic development in December 2014. The funds came as a result of the fact that a separate revenue account has been created by state legislators. The account is planned to keep 10% of casino funds, which are received as part of the agreement between the state and the tribe.
According to the Niagara County Legislature, municipalities across the state that fall outside of an exclusivity zone will get the 10% of the casino funds. The so-called exclusivity zone stands for Niagara Falls. The latter already gets some funding provided by the Seneca Nation of Indians from the Seneca Niagara Casino.
In addition, the economic development committee will be referred to by two resolutions, which are related to the distribution of $5,000 to Niagara Military Affairs Council and the one of $2,000 that are to be given to Niagara County Builders Association.
At the time of the vote, Mr. Richard Updegrove, who is a majority leader, revealed that the communities that do not get casino funds are to get the money from the account in question. Mr. Updegrove emphasized on the fact that Niagara Falls normally receives a significant share from the casino funds on an annual basis, which is one of the main reasons why it has been excluded by the statute.
The budget resolution from December 2014 was opposed by legislator Dennis F. Virtuoso, who shared his belief that the entire sum should be given for tax reduction. Another legislator of D-Niagara Falls – Jason A. Zona – also disputed the decision.
As reported by reputable local media, Mr. Zona said: “There is nothing to pursue this year because the allocation has been set.”
The county started getting the money in the middle of 2014. A total of about $400,000 was received for last year, while the amount is expected to swell to $800,000 in 2015.
