State buying Hotel Niagara, will seek new developer

[From Niagara-Gazette.com]

A state agency overseeing development in downtown Niagara Falls plans to acquire the Hotel Niagara building from its current owner and issue a new request for proposals to complete renovations at the trademark Rainbow Boulevard property.

During a meeting on Wednesday, the board of directors for the state-run USA Niagara Development Corp. agreed to purchase the property from its current owner, JSK International Corp., for what was described as fair market value, which officials said is up to $4.4 million…

READ THE FULL STORY HERE: http://www.niagara-gazette.com/news/local_news/state-buying-hotel-niagara-will-seek-new-developer/article_b44738b3-2e99-5756-8f3e-12c5b211300c.html