DEVELOPMENT: HSBC passes up Cambria property

Local News

November 23, 2007

Officials say banking company is still interested in Niagara Count

By Dan Miner/minerd@gnnewspaper.com The Lockport Union-Sun %26 Journal Fri Nov 23, 2007, 09:44 PM EST

HSBC may not build a data center in the Town of Cambria after all.

Several weeks after the company decided not to pick up its option to buy the empty field at Lockport and Comstock roads it had targeted for the development, there is still limited information available about HSBC’s plans for the future.

Officials have said the proposed $1 billion data center will add 56 jobs which pay an average of $76,000 and would add $14.5 million in town property tax collections over 15 years.

Niagara County Economic Development Commissioner Samuel Ferraro said that he thinks HSBC will likely still move forward with a project in Niagara County.

“Our staff is in constant communication with HSBC, and all indications are they are going to go forward with a project (in the county),” he said. “If there’s a problem that’s site-specific, that’s not necessarily something they would share with us.”

But if they were to pick a different site, HSBC would not be eligible for the $89.5 million in tax breaks over 15 years approved unanimously by the Niagara County Industrial Development Agency’s Board of Directors in March, Ferraro said.

State Sen. George Maziarz, R-Newfane, said he was told several weeks ago by HSBC officials that they were no longer interested in that particular site but still dedicated to finding somewhere in the county for the center.

“They’re not terminating the project, they just don’t want that property anymore,” he said. “They indicated to me in very strong terms that they were going to move forward with this project in Niagara County.”

Maziarz and Ferraro are preparing a list of other properties in the county they will supply HSBC to help them with a decision, Maziarz said.

HSBC issued a tersely worded statement through Francine Minadeo, who works in the company’s New York City public affairs office, about its decision not to buy the land.

“Given the current overall business climate, we are not proceeding at the original development pace we had planned for our data center in Niagara County, New York,” the statement said. “We remain in the planning phase and will take appropriate steps to update local officials and surrounding communities as is necessary and appropriate.”

Cathy Kamen Ryan, a lawyer from the Rochester-based firm Harter, Seacrest and Emery who has acted as a liaison to property owners Donald and Lois Walck, refused to comment on Friday.

The reference in the statement to a business climate may be a way for the bank to point to the recent subprime mortgage market crisis which has hit the industry hard.

That’s at least one possible reason mentioned by Cambria Town Supervisor Wright Ellis, although he said he hasn’t yet spoken with HSBC about the recent development.

“We’ve been hearing rumors for several weeks now, and the last I heard it was a business decision because of the difficult business climate for banks,” Ellis said.

Ellis said that he’s heard both that the decision is permanent and that it is temporary.

“It could be revisited,” he said. “I’d hate to see it go. It could be a great opportunity for the town.”

Robert Pusateri, the lawyer representing the Walck’s from Lockport-based firm Pusateri and Fitzgerald, said he received correspondence from Ryan’s firm saying that they would not buy the property.

“We knew they were interested and they were going to do their due diligence,” Pusateri said. “We received no explanation other than they knew they weren't going forward.”

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