A plan to convert North Tonawanda's vacant former Col. Payne Elementary School into apartments won the backing of the Niagara County Industrial Development Agency Wednesday.
The NCIDA board approved an incentive request from developers David Sutton and David Cloy, who presented a $3.7 million plan to buy the school at 460 Wheatfield St. and convert 35,000 square feet into 37 market-rate apartments.
The school was built in 1915, not the 1940s as the NCIDA stated last month. It closed in the mid-1980s because of declining enrollment and was turned over to the city as a community center in 1987. The city auctioned it in 2006, but the buyer did not follow through on an announced condominium plan.
The 15-year tax incentive package will save Cloy and Sutton an estimated $494,000 over 15 years.