We pay our fair share…so wealthy developers don’t have to.
Carl Paladino owns an estimated 20 properties that have received tax breaks amounting to at least $16 million since 2003. A frequent manipulator of New York’s now-defunct Empire Zone tax credit program, Paladino successfully lobbied to have the borders of Buffalo’s Empire Zone, intended to create jobs in economically distressed neighborhoods, expanded to include all of the downtown business district. He registered 16 of his properties into the program, collecting $1.5 million in tax breaks, while spending only $1.1 of his own money on redevelopment.
An equal opportunity subsidy abuser, Paladino’s projects have received IDA tax breaks in addition to Empire Zone breaks. Tax breaks on his waterfront luxury condominium project expire in 2012, although tax breaks amounting to $5.3 million for the luxury condo owners will continue for 10 years. The project has created 1 job.
Soon, Paladino will break ground on an upscale hotel/retail/apartment development in the wealthy Buffalo suburb of Amherst. In commenting on the need for $1.9 million in tax breaks, a VP of Ellicott Development said, “Hotels are difficult to take to the bank to get the financing we need.” Paladino and company must think New York taxpayers are a much easier sell.
Carl Paladino is the founder and Chairman of Ellicott Development, a commercial and retail real estate development and management company in the Buffalo-Niagara, Upstate New York and Western Pennsylvania regions. Ellicott’s properties include office, retail, flex space, hotels, residential and mixed-use projects. He has a net worth of $150 million and real estate holdings worth $500 million.
Industrial Development Agencies: Summary of Data, Office of the New York State Comptroller, at http://www.osc.state.ny.us/localgov/datanstat/findata/index_choice.htm
Empire Zone Tax Credits, Investments and Jobs, Syracuse Post-Standard, Data Center, at http://www.syracuse.com/data/empire-zones-2012/
Candidate Paladino Is Biting the Hand that Feeds Him, by James Heaney, Buffalo News, April 18, 2010, at http://www.buffalonews.com/city/article168665.ece
Ellicott Development, at http://www.ellicottdevelopment.com/
Long-Empty Gas Station on Lower West Side to Be Razed, Replaced by Family Dollar, by Matt Glynn, Buffalo News, June 9, 2009, http://www.buffalonews.com/incoming/article158543.ece
City Gives 10-year Tax Break to Build Condos: Luxury units to sell for up to $659,000, by Phil Fairbanks, Buffalo News, May 13, 2007, at http://www.tmcnet.com/usubmit/2007/05/13/2610759.htm
Barnes Buys $1 Million Waterfront Condo, by Jonathan D. Epstein, Buffalo News, August 12, 2009, at http://www.buffalonews.com/business/article7517.ece
Amherst IDA Gives Lift to Paladino Project, by James Fink, Buffalo Business First, January 20, 2012, at http://www.buffalonews.com/city/communities/amherst/article714624.ece
Tea Party-Backed Carl Paladino Gets Millions in Tax Breaks, but Creates Just a Handful of Jobs, by Douglas Feiden and Greg B. Smith, The Daily News, October 3, 2010, at http://articles.nydailynews.com/2010-10-03/local/27077035_1_tax-break-tenants-rent
Early Lessons Forged Paladino’s Combative Style, by David M. Halbfinger and Michael Barbaro, The New York Times, September 26, at 2010 http://www.nytimes.com/2010/09/27/nyregion/27paladino.html?pagewanted=all
Carl Paladino, Welfare King: The 'self-made' millionare made a fortune thanks to N.Y. taxpayers, by Bill Hammond, The Daily News, September 21, 2010, at http://articles.nydailynews.com/2010-09-21/news/27075847_1_wasteful-spending-tax-revenue-properties
Buffalo News: Paladino inducted into critics’ ‘Hall of Shame’
August 17, 2012. With the theme music from “The Price Is Right” blaring from a loudspeaker, a woman identifying herself as “Vanna Black” accepted Carl Paladino’s induction into the “Corporate Tax Dodgers Hall of Shame” on Thursday in street theater sponsored by the Coalition for Economic Justice. Continue reading