Federal tax credits may save Hotel Syracuse

The Hotel Syracuse has been closed for about nine years now. There have been various attempts at reviving the hotel over the past years, but all of the attempts have failed; however, there may be a way to do it after all.

Senator Charles Schumer stated that the fight to hang on to the Federal New Market Tax Credits, which is part of the deal to head off the fiscal cliff crisis, may play an important role in turning things around for Hotel Syracuse.

$75 million of New Market Tax Credits to CenterState CEO will need to be delivered by the Department of the Treasury. The CenterState CEO will then need to use that funding to help financially aid the development projects within that region. This includes a hefty $10 million for the most important of the projects: Hotel Syracuse. In short, federal tax credits just might help revive Hotel Syracuse. The local leaders are stating that the $10 million will help in forming a new attempt to bringing the hotel back out of the ashes.

There is a particular project that has been delayed for a while, consisting of building a new hotel on a parking lot site right across the convention center. Local leaders had stated that a revival of Hotel Syracuse would erase the need for that long delayed project. There is not big downtown hotel, and if federal tax credits indeed do save Hotel Syracuse it can be that big downtown hotel.