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Business Calendar

November 15, 2013, 9:56 am
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Monday

Business groups

• The Erie County Industrial Development Agency Meeting of the Members, 9 a.m., Buffalo and Erie County Public Library, Auditorium, 1 Lafayette Square, Buffalo, followed by the Buffalo and Erie County Regional Development Corp. Board of Directors meeting, followed by the Buffalo and Erie County Industrial Land Development Corp. meeting of the directors. Call 856-6525, Ext. 136.

• Buffalo Executives Association, noon, Adam’s Mark, 120 Church St., Buffalo. Contact Cheryl 716-852-6916 or info@buffaloea.com.

• Northtowns Chapter 439 of the National & Active Federal Employee Association, 1:30 p.m., Harlem Road Community Center, 4255 Harlem Road., Amherst. Representatives of various federal health insurance providers will provide program information. Information, call Tom Keating 694-3073.

• Clarence Chamber of Commerce, Business Round Table, 5:30-6:30 p.m., Clarence Public Library, Three Town Place, Clarence. Topic: “Taxes and Other Compliance Issues for Non-for-Profits.” Reservations 631-3888.

Seminars and classes

• Buffalo Office of the U.S. Small Business Administration, SBA U, Thinking and Acting Differently: Managing Creativity and Innovation workshop, 6-7:30 p.m., BlueCross BlueShield of WNY, 257 West Genesee St., Buffalo (Free parking in the visitor’s lot on 7th street). Presenter: Scott Isaksen, president & CEO, The Creative Problem Solving Group. Required registration events.sba.gov, 551-4301 Ext. 303 or Gregory.Lindberg@sba.gov.

Tuesday

Professional groups

• The Western New York Paralegal Association, November general membership meeting, noon, The law offices of Hiscock & Barclay, 3 Fountain Plaza, 1100 M&T Center, Buffalo. Topic: Appellate Practice in Western New York: How to Take and Perfect Appeals. Reservations email ssarra@miserendinolaw.com; Information www.wnyparalegals.org.

Business groups

• BNI Executive Marketing Team, breakfast meeting, 6:45-8:30 a.m., Milos Restaurant, 5877 Main St., Williamsville. Information 818-2526 or www.bniemt.com.

• Amherst Chamber of Commerce Business After Hours, 5-7 p.m., Tully’s Good Times, 1459 Niagara Falls Blvd., Amherst. Free to Chamber Members and prospective members. Reservations 632-6905.

• Clarence Chamber of Commerce, After Hours Business Blender, 5:30-7 p.m., The Summit Federal Credit Union, 5641 Transit Road, East Amherst. Reservations 631-3888.

• The Buffalo Investors & Exchangors Group, 7 p.m., Millennium Hotel and Resort, 2040 Walden Ave., Cheektowaga. Program: “How to Successfully Collect Rent & Damages,” Robert Friedman, Friedman & Ranzenhofer, and “The ABC’s Of Self Storage Investing” Russell J. Gullo. Registration, 675-1500.

• Executive Taking Action Forum, Life Coach Roundtable, a leadership and personal development networking group, 7 p.m., Holiday Inn Buffalo Airport, 4600 Genesee St., Cheektowaga. Reservations 202-8423.

Seminars and classes

• SCORE, the U.S. Small Business Administration and the North Tonawanda Public Library, “Starting and Managing Your Own Business” workshop, 8:30 a.m.-4:30 p.m., North Tonawanda Public Library, 505 Meadow Drive, North Tonawanda. Cost $30; free for veterans. Information and required reservations www.BuffaloNiagaraScore.org.

Wednesday

Professional groups

• The Western New York Chapter of the Financial Planning Association, monthly lunch meeting, 11:15 a.m.-1:15 p.m., Beechwood Continuing Care, 2235 Millersport Highway, Getzville. Topic: Supplemental Needs’ Trusts. Cost: Free Chapter members; $25 nonmembers. Required reservations 688-3096 or www.fpawny.org.

• The Buffalo Niagara Chapter of the Public Relations Society of America, 2013 Annual Meeting, 11:30 a.m.-1:30 p.m., Templeton Landing Skyline Room, 2 Templeton Terrace, Buffalo. Speaker: Thomas P. Dee, president, Erie Canal Harbor Development Corporation. Cost: $45 PRSA members; $60 nonmembers, and $35 PRSSA student members. Registration visit www.prsabuffaloniagara.org or call 508-0277.

• The Upstate New York Chapter of the Turnaround Management Association and the Risk Management Association, Downpour in the Desert: Rules for Business Development, 5:30-8:30 p.m., Embassy Suites (The Avant Building) 200 Delaware Ave., Buffalo. Cost: $30 RMA and TMA members; $40 nonmembers. Information or registration www.unyturnaround.org “upcoming events” or 440-6615.

Business groups

•The Lancaster Area Chamber of Commerce, morning business exchange networking group meeting, 8 a.m., Hampton Inn and Suites, Buell Road, Cheektowaga. Contact john@wnychamber.com.

• Pro-Net Professional Networking Group meeting, 8:30 a.m., Amherst Chamber of Commerce, 400 Essjay Road, Suite 150, Williamsville. Reservations 632-6905.

• The Parachute Group, a networking group for individuals in career/job transition, 10 a.m., Harlem Road Community Center, 4255 Harlem Road, Amherst. Call 276-1117.

• Women’s Business Center at Canisius, Women In Networking (WIN) Amherst meeting, 11:45 a.m.-1:15 p.m., Canisius Amherst Conference Center, 300 Corporate Pkwy., Amherst. Reservations email: www.wbcwny.org.

• Grand Island Professional Women’s Chapter, New York State Women, 6 p.m., River Oaks, 201 Whitehaven Road, Grand Island. Reservations, 308-6230 or dinsdggr@aol.com.

• The Niagara County Community College Small Business Development Center and the Niagara USA Chamber, Niagara County Business Fair, 7-9 p.m., Niagara Falls Culinary Institute, 28 Old Falls St., Niagara Falls. Check-in 6:45 p.m. Attendance is free. Registration call the SBDC 210-2515 or email sbdc@niagaracc.suny.edu; information www.niagarasbdc.org.

Seminars and classes

• Bryant and Stratton College Healthcare Services Administration program, lecture, 6 p.m., Southtowns Campus, 200 Redtail Road, Orchard Park, Program: Healthcare Information Technology and Implementation of EMR Systems, presented by Joel Kanick, president and CEO, Kanick and Company.

Thursday

Business groups

• BNI Pinnacle, networking meeting, 6:45-8:30 a.m., Transit Valley Country Club, 8920 Transit Road, East Amherst. Reservations 585-704-4383.

• BNI Signature, networking meeting, 6:45-8:30 a.m., K of C Banquet Facility, 2735 Union Road, Cheektowaga. Information 886-1257, Ext. 201.

• Project Management Institute, Buffalo Chapter, PMI, Professional Day Breakfast Meeting, 7:15-8:45 a.m., Bob Evans Restaurant, 6635 Transit Road, Williamsville. Topic: Exploration of PDD Topics–Communicating for Success--are you still sinning? Beverages and breads provided by PMI. Attendees can individually purchase other menu items. Information Melissa Wallace 866-2842 or melissam65_99@yahoo.com.

• The WNY Business Alliance, business-to-business networking meeting, 7:30-8:30 a.m., Millennium Hotel and Resort, 2040 Walden Ave., Cheektowaga. Call 310-3235.

• The Western New York Business Network Group for professionals, 7:45 a.m., Comfort Inn, 1 Flint Road, Amherst, Information 553-8883.

• The Niagara USA Chamber, lecture, 8 a.m., The Conference & Event Center Niagara Falls, 101 Old Falls St., Niagara Falls. Program: “Economic Vision 2014 and Beyond: Creating a Vibrant Future,” presented by Gary Keith, vice president and regional economist for M&T Bank. Cost: $30 per person; $25 Chamber members. Information or reservations, 285-9143 or llewis@niagarachamber.org.

• Rotary Club of Buffalo, 12:15 p.m., Templeton Landing, 2 Templeton Terrace, Buffalo. Program: Lafayette Square, Mark Hamister. Information 854-3397 or jmcclive@buffalorotary.org.

• Working For Downtown, Thursday in the City, 5-8 p.m., Papaya, 118 W. Chippewa, Buffalo. Information 854-2314.

• Clarence Chamber of Commerce, general membership open enrollment insurance meeting, 6-7:30 p.m., Clarence Senior Center, 4600 Thompson Road, Clarence. Members will meet with representatives from Independent Health, Blue Cross/Blue Shield and Univera Healthcare to hear what plans will be offered for 2014, and learn more about the new Healthcare Reform. Reservations 631-3888.

Friday

Business groups

• BNI Enterprise, networking meeting, 6:45-8:30 a.m., Fairdale Banquet Center, 672 Wehrle Drive, Amherst. Information, 316-2302.

• BNI Circle of Excellence, networking meeting, 6:45-9 a.m., Milo’s Restaurant, 5877 Main St., Williamsville. Call 408-2525.

• Del Vecchio and Stadler law firm, luncheon presentation, noon-1 p.m., The Innovation Center, 640 Ellicott St., Buffalo. Reservations dvands@dvands.com or 783-8399. Topic: “From Creation To Protection To Profit.”

Nov. 25

Business groups

• Sales & Marketing Executives’ Progressive Networking Dinner, 5:15 p.m., Millennium Hotel and Resort, 2040 Walden Ave., Cheektowaga. Cost: Free SME members; $40 nonmembers; and $15 students. Registration 662-2279 or www.bnsme.org.

Nov. 26

Business groups

• Pro-Net Professional Networking Group meeting, 8 a.m., Amherst Chamber of Commerce, 400 Essjay Road, Suite 150, Williamsville. Reservations 632-6905.
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New partnership in Chautauqua County focuses on student tech skills

November 17, 2013, 3:17 pm
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DUNKIRK – A new partnership between the economic development committee of the Northern Chautauqua Community Foundation and the Science, Technology, Engineering and Math (STEM) Coalition Education group was announced Friday.

The STEM group promotes high school and college student skills that will benefit local industry and receives grant funding from the Cummins Foundation of Jamestown. It works with the Manufacturers Association of the Southern Tier to identify qualities needed for employees in high-tech and manufacturing industries in Chautauqua County.

STEM spokesmen said that 19 percent of all jobs in Chautauqua County are in manufacturing industries. They said the county added 1,700 jobs in the manufacturing trades since 2009.

New training programs are currently being targeted by the partnership to help students develop skills and be prepared to enter the local workforce.

Jay Warren, chairman of the local economic development committee, said the new partnership is “a positive move with great potential.” He said he expects that the new training programs will be formed soon and the opportunities will be announced to students at high school and college levels.

The members of the partnership will be forming a task force to identify skills with employers in Chautauqua County. Local employers interested in providing information to the group can contact Warren through the Northern Chautauqua Community Foundation offices at 366-4892.
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Preparing for 38 floors of emptiness at One Seneca Tower

November 17, 2013, 3:35 pm
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The Starbucks closed in September, a couple of weeks before the cafeteria shut down in One Seneca Tower.

At the Tim Hortons walk-up counter in the plaza elevator entry, only one kind of soup is offered each day now, and the gates come down at 4 p.m.

Across the way in the former bank building’s other entrance, the Subway sandwich counter also is cutting back, while in the lobby above it, newsstand owner Ahmed Alhadhari is preparing to close up shop permanently. He plans to be out by the end of the year.

“Who would imagine such a thing would happen, in this building?” said Alhadhari, with a sweeping gesture toward the soaring lobby that is the gateway to 38 floors of office space.

He has provided soft drinks, newspapers, snacks and sandwiches to the tower’s workers for nearly 15 years.

But after more than four decades, the most visible structure in Buffalo is emptying out, losing its three largest tenants in the course of a few months – the latest exodus coming this week – just as its neighboring waterfront is experiencing a rebirth.

Rather notably, two of the tower’s largest departing businesses are helping fuel that rebirth. (The other, the Canadian consulate, simply ended its presence in Buffalo.)

HSBC, the international financial company that absorbed the building’s first major tenant – Marine Midland Bank – is almost done clearing out its offices, which took up about 80 percent of the building. Some bank employees are settling into leased offices in Depew, but many are working just two blocks south in the bank-owned HSBC Atrium. Those offices, which are undergoing $35 million in renovations, can absorb the influx since HSBC downsized a couple of years ago, including selling off its local branch banking business.

The law firm Phillips Lytle LLP is basically moving across the street, although the street is the elevated Interstate 190. The gutted and rebuilt Donovan State Office Building, now known as One Canalside, is putting the law firm’s name on top.

Outside, and in

 The growth along the Buffalo River was predicted for nearly 50 years, as part of a development boom that was expected to follow the construction of Marine Midland Center.

As part of the “urban renewal” that backfired in many U.S. cities in the late 1960s and 1970s, the building would take over the blocks known as Buffalo’s Skid Row and straddle the 200 block of Main Street like the Pan Am Building (now MetLife) straddles Park Avenue in New York City.

Later known as One HSBC Center and now One Seneca Tower, the sand-colored refined brutalist monolith never captured the hearts of the city. Early on, it was described as “the egg carton” or the box that nearby St. Paul’s Cathedral came in.

To anyone who boasted that the views from its 38 floors were the best around, critics would counter that it was because, from there, you cannot see the tower itself.

The interior, though, has its charms. Once safely inside and protected from the wild winds that buffet hapless pedestrians on the open plaza, workers became part of a vertical village, with small shops, a restaurant, a shoe-shine stand – and Alhadhari’s newsstand.

“You feel like you’re home here,” he said. “You get to know people. I see people outside of here, at the market or somewhere, and we are like friends.”

With the law firm expected to vacate this week, leaving eight more floors empty, Alhadhari will be selling down his inventory and not making any money through the end of the year, when he packs up whatever is left.

A lonely feeling

 Already, it is pretty lonely at, or near, the top of One Seneca Tower.

“When I was hired as the property manager years ago, my boss said, ‘You’re the mayor now,’ ” said Stephen P. Fitzmaurice, CEO and co-property manager for Seneca One Realty.

The 3,200 workers in the building became his community and his responsibility.

“Knowing what winters could be, we always kept three days worth of food in the cafeteria,” Fitzmaurice said, “so, if there was a storm, even if people couldn’t go home, they could eat. And keep working.”

Now, with major tenants voting with their feet, he has a different role.

From the corner office on the building’s 28th floor, he overlooks Erie Basin Marina, the outer harbor and Canalside as the old neighborhood takes on its new shape. His job now is to help find new ways for the tower to be a part of it. It will be complicated by the fact that the building, owned since 2005 by a New York City firm led by investors Mark Karasick and Victor Gerstein, faces a large debt along with its dramatic loss of rental income.

Fitzmaurice remains optimistic, or at least hopeful.

“If this was going to happen, it couldn’t have happened at a better time,” Fitzmaurice said, pointing out that the vibrant Canalside holds much more appeal than the parking areas and vacant lots it is replacing.

Before anything else can happen, though, the slate is being scrubbed pretty clean as the workers empty out.

A full floor of 18,000 square feet of open space is pretty impressive, especially when it is framed by wide windows with, critics aside, spectacular views. One vacant floor remains furnished with left-behind chairs and cubicles, like a model home decorated for prospective buyers, and in the old consulate space, a Canadian maple leaf is still part of a beautifully inlaid hardwood floor. But most areas are empty, their furnishings moved or donated.

Empty walls

 And the walls, too, are empty.

Inspired by legendary local businessman Seymour Knox II, chairman of Marine Midland and namesake for half of the Albright-Knox Art Gallery, the outfitting of the bank’s offices included a laudable collection of art.

The items, ranging from framed posters and prints to original works by recognized modern artists, also have left the building. Some were donated to Roswell Park Cancer Institute, others to the Heart Association.

And others have been drawing buyers to Dana Tillou Fine Arts, 417 Franklin St. Tillou is assisting the bank in distributing the artworks and is selling a couple dozen of them.

“There must have been 900 or 1,000 pieces,” Tillou said. “Mostly, because of Seymour Knox, they were in the contemporary field. Early on, Mr. Knox took part in the collection; later, Doug Schultz helped after he became director of the Albright.”

The browsers and buyers at Tillou’s quickly snatched up many of the more expensive pieces by well-known artists.

Two artworks on the property aren’t going anywhere anytime soon: one a twisted knot of steel in the lobby, the other a behemoth that is among the most visible sculptures in Buffalo. Standing tall against the wicked winds that swirl around the barren landscape of the property’s raised outdoor plaza, “Vroom Sh-Sh-Sh” also is one of the largest public artworks in the country.

So spare in its black, angular design, the 60-foot-high work by minimalist sculptor Ronald Bladen was lauded by architects in a 1971 Buffalo Evening News story as “a beautiful foil for the building” that was destined to be “one of Buffalo’s most powerful landmarks.”

Instead, it has enjoyed amazing anonymity. And, according to Fitzmaurice, when the time came to say goodbye to its holdings in the building, HSBC said of the artworks, “They’re all yours.”

email: mmiller@buffnews.com
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Time to hand over money reins

November 12, 2013, 10:38 am
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Among the more difficult money challenges in life is knowing when to persuade an aging parent to hand over his or her checkbook – or, if you’re the one in your golden years, when to ask for help managing your finances.

Like seniors surrendering car keys because diminished skills might endanger themselves and others, transferring the financial reins becomes necessary when an elderly person begins making poor money decisions or becomes overwhelmed by financial tasks.

“I think this is one of the biggest issues we’re facing as a population,” said Ted Beck, CEO of the National Endowment for Financial Education, a nonprofit organization that has recently funded research to study the issue. People seem comfortable making plans for handing over medical decisions to a loved one, but not financial decisions. “That’s a step, culturally, we need to take.”

Here are tips on dealing with this sensitive issue.

• Sometimes older is wiser: It’s not news that the brains of older people slow as they age, a recent academic study found. The surprise, however, is that when it comes to making money decisions, their life experience can more than make up for that decline, according to a study published in the journal Psychology and Aging and conducted by Ye Li, a University of California-Riverside assistant professor of management, and several colleagues at Columbia University.

“The findings confirm our hypothesis that experience and acquired knowledge from a lifetime of decision-making offset the declining ability to learn new information,” Li said.

The point is to avoid jumping the gun when assessing an older parent’s ability to handle money. “Don’t overreact if there are signs of normal aging,” Beck said.

• Warning signs: There comes a point, however, when most elderly adults will need help. Among seniors who have experienced cognitive decline, 47 percent have had trouble with bills, paying them late or not at all; 36 percent have had difficulty calculating simple math problems; 35 percent have made irrational purchases; and 21 percent have depleted their savings accounts, according to a National Endowment for Financial Education survey conducted by Harris Interactive.

If you notice unusual money habits – piles of unopened bills, compulsive purchases from TV shopping networks, rampant spending on lottery tickets, giving away money to sketchy charities – there might be a problem.

• The talk: Discussing the topic of aging and money is difficult no matter which side of the conversation you sit on. “This is not a five-minute discussion before Thanksgiving dinner,” Beck said.

Ideally the older person would initiate the discussion. “Outline how you want your financial plan to be put in place, so you own it,” Beck said. A good starting point for older people is to start the discussion with a spouse or partner first, making sure he or she is fully informed about financial matters and can take over, he said.

Other times, it will be a younger family member who gets things started. He or she should seek buy-in from the older adult, maintaining a respectful tone.

• The appointed one: While 86 percent of people say they would trust a family member to make financial decisions if they are unable, a majority of people say family dynamics get in the way, according to the NEFE survey.

“The fights kids have are legendary,” Beck said. “The more open communication, the better.”

It’s OK to divide roles. For example, one child might be the right choice for making medical decisions, while another might be best for making the calls on finances.

The person taking over the money issues, often a child known for being level-headed or good with numbers, should do his or her homework to become comfortable with money matters. That might mean reading personal finance books or taking a class. “You’ll have to make some potentially tough decisions,” Beck said. “Make sure you’re comfortable with that role, and you’re not just swallowing hard and saying, ‘Sure, I’ll do this.’ “

• Financial inventory: Round up names of the elderly person’s financial institutions and professionals, including phone numbers and online logins and passwords. Make sure that a will and financial power of attorney are current. Requirements for financial powers of attorney vary by state, so it’s important to have one for the state you live in, Beck said. “Don’t assume the one you have follows you,” he said.

Know where to find important papers – birth certificates, insurance policies, tax returns.

• Automate bill-paying: Among the first observable signs of cognitive decline when it comes to money is forgetting to pay a bill or paying bills twice. As an adult ages, put as many bills on autopay as possible – for example, an automatic debit from a checking account.

• Examine expenses: Create a monthly budget and examine ongoing expenses, such as telephone and cable TV, to determine if they are unnecessarily high. If the person is susceptible to sales pitches, place his or her phone number on the National Do Not Call Registry, DoNotCall.gov, and opt out of mail advertising at DMAChoice.org.

• Get online: Internet access to financial accounts is key, especially for monitoring an elderly relative’s finances from afar. “You have that early warning that potentially something is happening that you need to find out about,” Beck said. “You can do that from across the country now.”

It allows a relative to monitor for odd spending patterns, identity theft and other forms of fraud, which has become a growing problem for the elderly. “You can say, ‘Mom, I’m just going to look at your account to make sure nobody is doing anything bad,’ “ Beck said.

• Consolidate: Consolidate accounts into as few as possible. For example, you might combine checking and savings accounts into a single bank and transfer investments to one investment firm. Fewer accounts makes money life easier to manage.

• Monitor credit: You can help monitor potential payment defaults and new accounts that may have been opened by going to AnnualCreditReport.com and accessing the credit report for free from the three major credit bureaus. The person will need to provide his or her Social Security number.

You call pull one free report per year from each of the three credit agencies, so it’s a good idea to stagger them, pulling one every four months.

You can also help the person place a security freeze with the credit bureaus, which blocks new accounts from being opened in that person’s name without specific permission. Be aware that a credit freeze could be a hassle and cause delays for some activities outside of applying for loans and credit cards, such as signing up for a wireless phone plan.
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Airlines experiment with pooling points and bundling fees

November 13, 2013, 12:31 pm
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If you only travel once or twice a year, it can be hard to rack up enough miles or points to get an award ticket. Some airlines, however, offer family plans that could be a quick way to pile up those miles or points.

These programs typically allow you to pool your points as a family so you can qualify for a free ticket faster. This kind of program is most common among international carriers, but it is starting to happen with domestic carriers as well.

JetBlue recently began a Family Pooling program. Up to two adults, age 21 and older, and up to five kids younger than 21 can pool their miles.

Each member can choose what percentage of points they want to contribute to the family pool, with a minimum of 10 percent. Those percentages can be changed once a year. When each member joins the Family Pool, they can make a one-time transfer of any amount of points in their account into the Family Pool with no transfer fees.

On JetBlue, you earn three points per dollar spent on tickets, and another 3 points per dollar if you purchase online at jetblue.com, for a total of six points per dollar. If you are a family of four flying on $250 tickets, you could earn a total of 6,000 points.

JetBlue round-trip award tickets start at 10,000 points, so you’d have more than enough points to redeem for an award after two family trips at that price ticket. For more details, visit trueblue.jetblue.com.

British Airways also has a family frequent-flier plan, but there are a number of drawbacks with its general frequent-flier program. You only earn 25 percent of actual miles flown when you fly on the cheapest tickets, and you get hit with paying the fuel surcharge and landing fees on award tickets.

Other international airlines, such as ANA and Japan Airlines, have family pooling programs, but you only earn 30 percent to 50 percent of miles flown on discounted economy tickets. Qantas does not have a family pooling program, but you can transfer points to a family member up to four times a year.

Airlines are also offering paid membership to bundle fees.

Delta has a Smart Travel Pack for $199 that is valid for flights through Jan. 5. The pack gives you one free checked bag, priority boarding, better seat assignments, discounts on Economy Comfort seats and 20 percent bonus miles. Up to eight companions on the same itinerary can get the Smart Travel Pack benefits, except for the bonus miles.

United has subscription services that allow you to pay one fee for the year for free checked bags and one fee for Economy Plus seats. The free bag program allows you to check two free bags per flight and starts at $349 per year.
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Trouble paying down student loans

November 13, 2013, 12:39 pm
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There’s been a lot of talk lately about debt.

Most of it has been about the federal debt burden. I want to shift the discussion to individuals, particularly those with private student loans. The student-loan ombudsman for the Consumer Financial Protection Bureau has just released a report analyzing complaints the watchdog agency has received from private student-loan borrowers.

Not surprisingly, the chief gripe concerned payment issues. But it’s not what you might think. Many borrowers said they encountered problems trying to pay off their debt early.

We know that student-loan debt has been rising at a troubling level. Outstanding education debt hit the $1 trillion mark in 2011. By last May, it was approaching $1.2 trillion, making student loans the second-largest form of consumer debt after home mortgages, says Rohit Chopra, the ombudsman.

In looking closer at the outstanding student loans, the bureau estimates that 7 million student loan borrowers are in default on federal and private student loans. It’s important to know the difference – federal student loans have many benefits including fixed interest rates and a number of repayment options including income-based repayment plans. Private student loans typically have higher and variable interest rates and don’t have as many repayment options.

Many student-loan borrowers can’t refinance their student loans or have limited options. So to reduce their borrowing costs, they make extra payments. However, many said that when they tried to make extra payments on the private loans, their payments weren’t processed the way they wanted.

Some borrowers say they have trouble verifying if payments are appropriately applied. Others noted that after submitting additional payments, the money was earmarked for future amounts due. Or they complain that extra payments intended to reduce their principal were instead applied for outstanding fees and interest.

Paying more than is required is often complicated because borrowers have three or four loans bundled into a single account. The bureau analyzed more than 3,000 complaints submitted from October of last year through the end of September. Chopra cautioned that the complaints are not based on a representative sample and may not reflect widespread problems.

Other complaints included problems with getting accurate payoff information from loan servicers. Some consumers said they received conflicting payoff amounts from different customer service representatives, the report noted. Others reported obtaining a payoff balance, submitting the payment amount and assuming their debt was paid in full, only to find out that their payoff balance was incorrect and their account remained open.

The bureau also issued an advisory that included a sample letter borrowers can send to their servicer, the company that processes your loans, which may also be the lender. In the letter, you need to clearly state that you are sending more money than is required and then tell the servicer how the payment is to be allocated.

If you have several loans with the same loan servicer and you don’t provide instructions, your servicer will generally decide how to allocate your payments. The result might not be in your best financial interest.

The sample letter notes that borrowers can ask that any money over the minimum amount due be applied to the loan that is accruing the highest interest rate. If you have multiple loans with the same interest rate, tell the loan servicer to apply the additional amount to the loan with the lowest outstanding principal balance.

If any additional amount above the minimum amount due ends up paying off an individual loan, then you can direct the lender to apply any remaining part of the payment to the loan with the next highest interest rate.

Even if you’ve had problems paying more on your private loans than required, keep pressing. Keep complaining. It’s worth it in the end.
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New Kindle challenges Apple’s iPad Air

November 13, 2013, 12:52 pm
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On the heels of Apple’s new, lighter iPad, Amazon has come out with a full-size tablet that weighs even less yet sports a sharper display and a lower price tag. Although Amazon’s Kindle Fire HDX 8.9 hasn’t received as much attention as the iPad Air, it is emerging as the strongest challenger yet to Apple’s device.

A row of tabs at the top of the new Kindle screen gives you quick access to Amazon services such as e-books, music, video and shopping. Recently used apps and content appear in the middle so you can return to them quickly. The bottom row has icons for frequently used apps such as email and the camera.

Need help? Just hit the “Mayday” button. You’ll be connected within seconds to a live customer-service representative, 24 hours a day, seven days a week.

The best part of the new Kindle is its price, which starts at $379. That’s cheaper than the new $399 iPad Mini, which has a display that measures 7.9 inches diagonally. The full-size Kindle Fire HDX has an 8.9-inch screen, just short of the iPad Air’s 9.7 inches. Even cheaper is the 7-inch Kindle Fire HDX, which costs $229.

If you can afford a $499 tablet and aren’t a heavy user of Amazon services, you might still consider the iPad Air. Yes, the Kindle is lighter, at about 0.83 pound, or 17 percent less than the Air. But I couldn’t really tell the difference holding the two side by side.

And yes, the Kindle has a sharper screen, with a resolution of 339 pixels per inch compared with the iPad’s 264 pixels per inch. But I couldn’t really tell the difference watching the Pixar cartoon “Monsters University” side by side.

Where the Air shines is in the build. I find the Air more pleasant to hold because of its curved edges. The Kindle has a soft, rubberlike back, but it doesn’t make up for the boxy edges. The Kindle promises more battery life – at 12 hours, compared with 10 hours for the Air. But I found the two devices drained battery at roughly the same rate when watching Hulu streaming video.

In addition, the Air has access to a wide variety of apps available through Apple’s app store. The Kindle uses a modified version of Android and can run a variety of Android apps – but not all of them. In fact, the new Kindle doesn’t run all the Android apps that are supposed to work with Kindles. Many of these apps need to be updated every time a new Kindle device comes out, whereas they simply work when new Android devices are out, just as iPad apps work on new iPads.
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Credit bureaus take closer look at payments

November 14, 2013, 7:35 am
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Now there’s another reason not to run up big credit card bills this holiday season that you can’t pay off.

The three major credit bureaus have started adding new details about credit card payments to credit reports that reveal whether a cardholder is a “revolver” – someone who carries a balance each month, racking up interest charges – or a “transactor” – someone who makes purchases but typically pays off the balance in full.

Credit bureaus say the additional information will help card issuers better target their products to customer needs and better identify people who are the best credit risks. Customers who pose the least risk generally are offered cards with the best rates and terms.

Transactors are “absolutely” less likely to default on debt than revolvers, said Ezra Becker, vice president of research and consulting at the Chicago-based national credit bureau TransUnion.

Credit reports generated for lenders by TransUnion include up to 30 months’ worth of credit card payments, he said.

Previously, credit reports contained a card’s monthly balance (before payments), the credit limit and whether the cardholder failed to make any minimum payments.

But because the reports typically did not include the actual monthly payment amount, it was difficult to distinguish a revolver from a transactor.

“This is another tool we are giving to lenders to be able to manage risk,” Mr. Becker said. “The idea is everyone should pay for the risk they present. If you treat everyone the same, the low-risk people subsidize the high-risk people.”

The other big credit bureaus, Experian, based in Costa Mesa, Calif., and Atlanta-based Equifax also started adding the historical monthly payment data within the last year.

For now, the new payment data won’t be factored into anyone’s credit score. That’s because it takes time for credit scoring companies to run models to confirm that the information helps predict credit risk.

“We need a two-year window of new data on a credit report before we can evaluate whether it’s predictive information of a person’s ability to repay debt,” said Anthony Sprauve, spokesman at FICO, creator of the widely used FICO credit scores.

In the past, monthly credit card payments haven’t been reported consistently enough by issuers to be studied as a factor in credit risk, he said.

Under current models, people who consistently pay their bills on time and keep their balances low so they don’t use too much of their available credit typically have the best credit scores.

Americans owe some $850 billion on their credit cards, according to the Federal Reserve. Among households that carry credit card debt, the average owed is around $15,000, a number pushed up by a relatively small number of families in extreme debt.

Linda Sherry, director of national priorities for the consumer advocacy group Consumer Action in Washington, D.C., said that in general she thinks adding credit card payment amounts to reports is a good thing, especially if the information ends up being used to calculate credit scores.

“I think it’s great that people are getting credit for paying in full,” Ms. Sherry said. “I pay in full, and I like the idea it will be showing up.”

Still, she has some concerns that card issuers might use the data to penalize the transactors, such as raising certain fees to compensate for not making money on interest charges.
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How to stay safe with smartphone banking

November 15, 2013, 1:11 pm
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Matt Certo jumped at the chance to use his smartphone for banking as soon as his bank offered the service a few years back.

The Orlando, Fla., high-tech entrepreneur understood the technology and knew the benefits. But he also was aware of the risks.

“If I’m traveling in places where there are Wi-Fi networks I don’t know, I certainly think twice about using mobile banking,” said Certo, 37. “I’ll use it at home to check my account, even in church to give a tithe. But not on an open Wi-Fi network just anywhere.”

Many consumers find themselves facing similar security concerns as smartphone banking becomes even more popular.

Despite its seeming simplicity, however, there is far more than meets the eye to practicing safe smartphone banking, industry experts say.

“If you don’t take precautions – like using only Wi-Fi networks you know are secure and making sure nobody is looking over your shoulder to see your password – then you’re just increasing the odds of something going wrong,” said Greg McBride, senior financial analyst for Bankrate.com, a consumer-finance company.

So far, however, nothing on a large scale appears to have gone awry in the brief history of mobile banking, experts say. There have been no massive security breaches or cyberheists of data, they say, such as those that have occasionally hit the conventional computers of some retailers and financial institutions.

Driven by the convenience, the popularity of smartphone banking has grown dramatically in recent years. According to a recent Federal Reserve survey, 87 percent of smartphone owners now use their devices for at least some banking transactions.

Still, there are signs hackers have already begun to target smartphone users, experts say. Smartphone attacks – known as “smishing” – are on the rise. Bogus text messages purport to be from a bank, luring the user to click on a link to a fake mobile website where malicious software could invade their phone and steal their personal data.

Once malware is on your phone, all bets are off when it comes to the security of your data, said Kevin Wright, senior vice president of information technology for CFE Federal Credit Union, based in Lake Mary, Fla.

To avoid being a victim, people must know how to verify that a text message is really from their bank and what clues would signal a fake mobile website, he said. Such details should be provided by the bank when a customer signs up for mobile banking.

Customers should also avoid using a mobile Web browser for smartphone banking on a Wi-Fi network because such browsers are more susceptible to being hacked, Wright said. It is safer to use your wireless-service network and your financial institution’s mobile-banking application, which should be equipped with the latest data-encryption technology, he said.

Though large banks were generally the first to the mobile market, smaller financial institutions are quickly catching up, said Suzanne W. Dusch, vice president of marketing for the CFE Federal Credit Union.

“We entered the mobile market early several years ago, and we’re on the second generation of it now,” she said, adding that about a third of CFE’s nearly 130,000 members now regularly use mobile banking.

Lucy Boudet, an executive at Valencia College, said she uses mobile banking to deposit money in her forgetful father’s bank account when his bills are due. After scanning the check and clicking the deposit, she waits until she gets a confirmation from the bank, then shreds the check.

“I’m not typically an early adopter,” she said. “But this is so neat, and it makes the whole thing so convenient, you can’t help but like it.”
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Practice safe mobile banking

November 15, 2013, 1:12 pm
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• When possible, use your wireless network, not Wi-Fi hot spots. Beware of logging in over an unfamiliar public Wi-Fi network. If you really must use Wi-Fi, first make sure it is secure. Ask questions.

• Use your bank’s app to connect, not a mobile Web browser.

• Log out when finished.

• Beware of bogus text messages claiming to be from your bank.

• Periodically check your phone for unfamiliar apps that could be malware.
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Tips on recovering from surgery

November 15, 2013, 1:13 pm
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If you’re facing surgery, you no doubt want to do all you can to prepare. But according to Consumer Reports on Health, many of the things that patients are told to do, including some their doctor may recommend, aren’t necessary and can even cause harm.

For example, many doctors routinely order a battery of preoperative tests, including blood analyses, chest X-rays and cardiac stress tests. But when they are done just to “clear” you for surgery, with little regard to the type of surgery, the kind of anesthesia that will be used or your overall health, they’re more likely to cause potentially harmful false alarms than keep you safe, current research shows.

Similarly, patients are still often told to avoid food and drink for 12 hours or more before surgery. But revised guidelines are more flexible; they take into account the fact that fasting too long can stress the body and slow recovery.

Consumer Reports on Health recommends the following steps to help speed your recovery from surgery:

• Don’t get overtested. Ordering preoperative tests when they aren’t necessary can lead to trouble.

For example, some doctors order cardiac stress tests even for low-risk patients before minor surgery. But abnormal results can lead to angiography, a test that exposes people to radiation. And if that test detects a blockage in an artery, doctors might treat it with a stent, even though the artery wasn’t causing symptoms. The stent procedure must be followed by the prolonged use of a blood-thinning drug, which can make surgery riskier or delay it for up to a year. If your doctor can’t give a clear reason for a preoperative test, say you want to skip it.

• Eat well. Doctors have long advised patients not to eat or drink anything after midnight before morning surgery because of the risk of regurgitating stomach contents into the lungs. But such fasting impairs the body’s ability to recover from complications. The American Society of Anesthesiologists says that healthy people can have clear liquids up to 2 hours before most surgeries and a light meal up to 6 hours beforehand.

• Keep moving. Boosting your activity level, if only for a week or so before surgery, can help you get out of bed and walk around sooner afterward. That can prevent such complications as blood clots and pneumonia. In a 2013 review in the British Journal of Anaesthesia, people who were in an exercise program before heart surgery had shorter hospital stays.

• Strengthen your lungs. People who are recovering from surgery are often told to take long, deep breaths using a device called an incentive spirometer. That helps prevent pneumonia and deliver more oxygen to the surgical site to speed the repair of wounds. But doing those exercises before you get to the hospital also leads to shorter hospital stays, according to a 2011 review in Clinical Rehabilitation. So ask for a spirometer before your operation and practice using it.

• Relax. Psychological stress triggers chemical changes in the body that impair the immune system. So it’s no surprise that anxiety has been linked to slower healing, more pain and longer hospital stays. If you have concerns about your operation, talk about them with your doctor. Other stress-busters include deep breathing, meditation, yoga, exercise and listening to music.

• Control diabetes. Blood sugar levels can spike after surgery, which can compromise your immune system and multiply the risk of pneumonia and wound or bloodstream infections. Talk with the doctor who treats your diabetes about things you should do before and after your surgery to control your blood sugar level.

• Stop smoking. Smokers are more likely to need a ventilator to help them breathe after surgery. They also heal more slowly and are prone to infection. Quitting before surgery can reduce those complications. It’s best to kick the habit well before surgery, but it helps to stop even temporarily.
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Workers shun retirement plans

November 15, 2013, 1:13 pm
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The percentage of U.S. workers who participate in their employers’ retirement plans slipped to 39 percent in 2012, according to a report by the Employee Benefit Research Institute.

Despite the tax savings and long-term benefits of stashing pretax money in retirement plans, the majority of workers fail to take advantage of employer-sponsored programs, such as 401(k) accounts, the group reported.

The 39.4 percent participation rate was a slight decrease from a 39.7 percent rate a year earlier, the group said.

Government employees were much more likely to participate, with 71.5 percent contributing to their retirement plans, the report said.

Those less likely to participate were younger, nonwhite, unmarried and those with lower education levels, the report said. Also, those with lower income levels and health problems were less likely to participate.

Women participated at lower rates than men, the report said. Latinos born outside the United States had “substantially lower” levels of participation, the report said.

Financial advisers have long counseled workers to contribute to their 401(k) accounts because many employers no longer offer traditional pensions and Social Security will not provide enough income for most people during retirement.

One of the most significant advantages of 401(k) accounts is that workers do not have to pay taxes on the contributions until the funds are withdrawn. This allows money that would have been paid in taxes to generate interest and investment income that can compound for decades.
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Being ready for a disaster makes it easier to endure

November 15, 2013, 1:13 pm
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Would you know what to do if a storm or other disaster damaged or destroyed your home?

Over several months, our researchers followed six families who have rebuilt, or begun to, in the aftermath of hurricane, fire, tornado, explosion and other calamities. Based on those interviews, and on conversations with highly rated service providers, our team compiled advice on preparing for and dealing with a disaster:

Before a disaster

 • Be aware. No home is immune to catastrophe. Each year, storms and other disasters damage thousands of houses. Property and casualty losses during the first six months of this year totaled $7.9 billion. For all of 2012, losses were $35 billion, the second highest amount of annual insured losses since 1980, according to the Insurance Information Institute.

• Maintain an inventory. Go room to room, photographing or video-recording your home and its contents. Make a list of your property and keep receipts for high-ticket items. Include approximate age, replacement cost and serial numbers for major appliances or electronics. Keep a copy of the inventory somewhere besides your home. (The list is also handy for helping you know when it’s time to consider upgrading or replacing appliances and systems.)

• Review your insurance. Once a year, read through your homeowners policy. The extent of coverage can make or break your post-disaster experience. Consider these questions: Will your policy cover the cost to replace your home and furnishings? Does it include an allowance for cost overruns? If you can’t live in the house, will insurance pay for a hotel room or apartment? Will it cover the cost of rental furniture? Will it cover a cellphone bill that’s exceeded its limit during this time of crisis?

Ask your insurance agent to explain all available options and endorsements, including flood insurance, so you can intelligently choose your preferred level of coverage.

• Consider a safe. It’s a good idea to safely store important documents and items. But be aware that fireproof safes are not necessarily waterproof, as homeowners our team interviewed learned after firefighters doused their house fires. Before buying a safe, be sure it’s been tested to withstand fire and water damage.

After disaster strikes

 • Don’t delay your claim. Contact your insurer immediately, even if it’s the middle of the night. If you incur expenses in protecting or repairing what you can, keep receipts to later give the insurance adjuster.

• Document damage. Your cellphone may be the perfect tool for this.

• Pay your mortgage. You don’t want to deal with a negative credit rating or a loan default. But check with your insurance agent and bank to see what’s negotiable.

• Be patient. Walking through the stages of the recovery process will take time and energy. Don’t rush to settle your insurance claim, and consider contacting your state’s insurance department if you believe the settlement is unfair. If your home is a total loss, take as much time as you need to decide about rebuilding.

• Avoid scams. Be aware that storms and other disasters attract unscrupulous vendors. Take time to interview contractors, visit their previous projects and talk to former clients. Make sure the contractor you hire is licensed, bonded, insured and, preferably, local. Don’t sign anything immediately.

• Seek specific experience. Hire a contractor with experience in rebuilding homes, which can be more difficult than building new because of site constraints, neighborhood covenants or other codes.

• Avoid large upfront payments. Be wary of contractors who want a lot of money before the job starts. If your state or locality doesn’t limit allowable down payments, pay only a portion upfront and tie additional payments to project milestones.
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Year-end strategies to ease tax burden

November 15, 2013, 1:14 pm
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With less than two months to go before the end of the year, now is the time for some quick maneuvers so your tax return doesn’t make you sick early next year.

There are major changes this year for individuals with adjustable gross incomes over $200,000 and married couples at over $250,000. And for couples over $450,000 and individuals over $400,000, there’s a higher tax rate: 39.6 percent. Throw in the new 3.8 percent surtax on investments for high earners, and possibly another 0.9 percent change, and the total tax liability can go to 44.3 percent. Further, capital-gains and dividend taxes for high-income people can go to 20 percent.

Being attentive now is especially important if you are affluent. But it pays for everyone to use tax-cutting strategies. Among the easy ones:

• Clean the closets. If you use deductions, a simple one is to clean the closets and give items to charity. Just make sure you get signed paperwork that lists each item and its value.

• Pay for college. If your child or you are in college or technical training, you may be able to get up to a $2,500 American Opportunity Tax Credit. Income cutoffs for the maximum are $160,000 for couples and $80,000 for singles. So if you are within those thresholds and haven’t paid enough for college to qualify for the max this year, pay bills now to boost that credit.

• Use 401(k) plans to cut your income. If you are just above an income cutoff for a juicy credit like the college credit, child tax credit or dependent care credit, don’t let those money-savers get away from you.

An easy way to whittle a good chunk of income is to put more money into a 401(k), 403(b) or other retirement savings plan at work. The maximum you can contribute this year is $17,500 if you are under 50; $23,000 if over 50. But remember: If you have been putting money into a Roth 401(k) at work, that’s not cutting your taxes. For tax cutting, choose regular 401(k) contributions.

• Go to the doctor. One unpleasant surprise for people with a lot of medical bills this year is a change that makes it tougher to claim a deduction. Previously, you could get a deduction when your medical expenses totaled more than 7.5 percent of your adjusted gross income. But now that’s up to 10 percent unless you or your spouse is 65 or older. You might be able to get over the 10 percent threshold by seeking dental care, vision care or medicine now that you might have otherwise delayed. Just realize you can only claim the amount over the hurdle.

• A hodgepodge of fees. Whether you pay a tax preparer or run up expenses for your job that aren’t reimbursed by your employer, you might be able to get a deduction. Items like unreimbursed travel for work, depreciation on a computer, union or professional dues, lawyer fees and others fall within “miscellaneous” deductions. But they have to total at least 2 percent or more of your adjustable gross income.

• Rush a state tax bill. If you have a state income tax bill to pay early in January, you can pay it in 2013 and increase your itemized deduction total for this year. Try to think ahead, however. If you will need the deduction in 2014, you might not want to rush to take it this year. And if you might be subject to the Alternative Minimum Tax this year, you will waste the benefit of paying higher state taxes now.

• Give to charity. Seniors can give directly to charity from their individual retirement account and, depending on the amount, can cut the requirement to take distributions and pay taxes on them. At the end of 2013, this benefit disappears.

For anyone, a good way to give is to donate stocks, bonds, mutual funds or other assets worth a lot more now than when they were bought. For people worried that their holdings have soared too far too fast, giving shares to charity allows a valuable donation, and you don’t have to sell the asset and pay capital-gains taxes.

• Sell losers. If you have capital gains on assets that you sold in 2013, you can cut your tax burden. Sell an asset that’s lost money. Any loss you have on those will offset other gains. And if you have more than a $3,000 loss, you can carry the extra over to offset gains in the future.
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Holiday debt can turn joy into sorrow

November 15, 2013, 1:11 pm
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The debt counselors at Consumer Credit Counseling Services have seen it all – stories of regular families like yours and mine that have been pushed into desperate circumstances because of snowballing debt that took over their lives.

The holidays, charged with emotion and focused on gift giving, are the time of year when families are most vulnerable to the devastation overspending can bring.

“Holiday overspending can often be the tipping point for folks who are marginally managing their household budgets,” said Paul Atkinson, president and CEO of CCCS of Buffalo. “There is no joy in the lingering pain of overspending.”

The ghost of Christmas purchases past can haunt you well into the future.

Here are 10 things to keep in mind this holiday season, courtesy of the National Foundation for Credit Counseling.

1. When credit card debt rolls over from one month to another, you lose your grace period and interest begins accruing immediately, even on new purchases. If you can’t afford to pay your credit cards off completely before interest is charged, you might consider not using credit cards for those purchases at all.

2. Compound interest is a great thing when you’re earning it on savings, but not when you’re paying it on debt. When you carry debt from month to month, you will end up paying interest on top of interest. That makes it very difficult to climb out of debt in the future.

3. Late and over-limit fees can negate any savings snagged on even the greatest of Black Friday deals. Late payments can result in a $25 fee and an increased interest rate.

4. Racking up holiday debt on credit cards means less credit will be available in cases of emergency. No one plans to get sick or for their car to break down, but when that happens (and it will), you want to have enough space on your card to serve as a safety net.

5. Even if you have the best intentions of paying your credit card bills in full and on time, things happen. Late or missed payments will put a negative mark on your credit report that will stay there for seven whole years. Depending on whatever else is going on and how long your bills are delinquent, your credit score could drop by as much as 100 points.

6. Now that employers, insurers and others use credit checks, credit mishaps could have serious consequences beyond your ability to borrow money. You could be turned down for a job, charged more for insurance, denied an apartment or have trouble setting up cellphone or utility services.

7. The more money you’re devoting to debt and interest payments, the less you have for savings or investments.

8. Having credit card debt can seriously impact your quality of life. It can result in aggressive and harassing collection efforts, lawsuits, judgments and wage garnishments. Money problems are leading causes of personal stress and divorce.

9. Debt can snowball to unmanageable levels and quickly lead to desperate choices that have negative consequences, such as payday loans, pawn shops, bankruptcy or debt settlement.

10. The best gift you can give your family is health and happiness. Stable finances can go a long way toward ensuring both.



email: schristmann@buffnews.com. Follow me on Twitter @DiscountDivaSam or “like” me on Facebook at www.Facebook.com/DiscountDiva
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Delaware North tax breaks approved

November 18, 2013, 7:08 am
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By a unanimous vote, the Erie County Industrial Development Agency today approved sales tax abatements of more than $807,000 for Delaware North Cos.’ new corporate headquarters.

The vote pushed the office and hotel project at 250 Delaware Ave. in downtown Buffalo over the first of two hurdles at the Erie County IDA that its developers said it must clear to move forward.

That second hurdle – a request by Uniland Development Co. for $3.2 million in tax breaks associated with the construction of the building and parking ramp – will be considered by the IDA next month, following a Nov. 25 public hearing.

That second set of tax breaks has been the more controversial component of the incentive package, leading Uniland to scale back its request for taxpayer assistance by eliminating a proposal that would have allowed the developer to use money it paid through a payment-in-lieu-of-taxes agreement to be used to pay down the borrowings it would take on to build the parking ramp. Uniland also reduced the size of the parking ramp, from a five-story facility with a capacity of more than 500 cars, to a four-story ramp with 380 spaces.

On Monday, the Delaware North abatements, which came with a pledge by the company to add 65 new jobs over the next two years to its headquarters staff of 350, were approved with the full backing of Buffalo Mayor Byron Brown and Erie County Executive Mark Poloncarz, both members of the IDA board.

Brown said he expects the Uniland incentives to be approved next month.

“Now that Uniland has revised its proposal, I think that vote will go positively as well,” Brown said. “What Uniland is requesting is pretty standard in nature.”

Poloncarz said he is still reviewing the Uniland plan, but the elimination of the financing for the parking ramp dropped a key element of the tax breaks that he had opposed. He said there are still questions to be answered regarding the incentives tied to the Uniland portion of the project, which are four times more lucrative than the tax breaks Delaware North received.

“This does not tie up all of the loose ends,” he said.

Still, Poloncarz said the vote on the Delaware North incentives is a sign that the Buffalo Niagara region is willing to back locally-based businesses. Delaware North has repeatedly said it is not threatening to move its headquarters, but also noted that a rejection of the incentives tied to the headquarters project could jeopardize future growth.

“We needed to send a message, not only to this community, but across the globe, that we support local business,” Poloncarz said.

“It’s a smart project for our community. It’s not often we can talk about a global corporation keeping their headquarters here,” he said. “It would send a bad message” if Delaware North were to move its headquarters.

Daniel Zimmer, a Delaware North vice president, said he was pleased with the unanimous vote backing the company’s incentive request.

“It was a good first step toward the completion of the 250 Delaware project,” Zimmer said after the IDA meeting on Monday.

“I think this is a great day for Buffalo,” he said. “I think the community, as well as the board today, have been very supportive.”

The IDA vote on Monday was centered entirely on Delaware North’s plan to spend $17 million to build out its portion of a proposed 12-story hotel and office tower. The abatement would apply only to its purchases of furniture, equipment and construction materials.

The vote did not involve a separate application by Uniland for more than $3.2 million in standard sales, mortgage and property tax breaks for its $81 million portion of the project. The project includes not only 200,000 square feet of office space – more than half for Delaware North – but also a 119-room hotel, four boutique retail stores and a parking ramp in the rear of the building.

Uniland does not have a tenant for the 94,000 square feet of space that will not be occupied by Delaware North, although the company has indicated it was seeking a building that would have available space to accommodate its growth in the future.

“We are pleased that the Mayor and County Executive stated that they each support the 250 Delaware project,” said Uniland spokeswoman Jill Pawlik. “We look forward to demonstrating to the IDA that our application for standard inducements also merits approval. The approval is necessary to proceed with the project.”

Uniland’s request for incentives will now be the subject of a second public hearing at 8:30 a.m. Nov. 25 in the IDA’s 95 Perry St. office. It will then go to the policy committee on Dec. 2, and then to the full IDA board on at its 9 a.m. meeting on Dec. 16 in the auditorium of the Buffalo and Erie County Public Library.

Uniland is not seeking tax breaks for the hotel, which are not eligible for incentives under the policy that all of the IDAs in Erie County follow.

email: drobinson@buffnews.com

email: jepstein@buffnews.com
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On the Record / Nov. 21, 2013

November 21, 2013, 5:37 am
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Hires/Promotions/Honors

 The Erie County Agricultural Society, sponsor of the Erie County Fair, named Bryan C. Wittman the honorary chairman of the 175th Erie County Fair in 2014. Wittman, a native of Hamburg, is currently vice president of global special events for Disney Parks and Resorts. He is a graduate of Ashland University in Ohio.

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The Buffalo Bisons promoted Geoff Lundquist to group sales manager and Nicholas Iacona to group ticket representative. Lundquist began with the Bisons in 2003 in the ticket office, and joined the sales team in 2004. Iacona is a Niagara University graduate, has been with the club’s public relations game-day staff for the last two years. Also, the organization appointed Beth Potozniak account executive. Potozniak is a University at Buffalo graduate.

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HarborCenter named Dominic Verni general manager of its restaurant and sports bar. Verni spent 17 years with the Hard Rock International Restaurant, Hotel and Casino chain, most recently serving as general manager of their establishment in Niagara Falls since 2004. He graduated from the University of Buffalo. The yet-to-be-named establishment will be owned and operated by HarborCenter.

Company Connections

 Makes Sense, a new business that focuses on children with autism and special needs, is located at 13295 Broadway in Alden. The store offers products for children, including therapy items, educational toys, weighted items including blankets, lap pads, and neck wraps. In addition, the store hosts a parent/caregiver meeting the first Tuesday of every other month. For additional information, visit www.makessenseproducts.com.

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Kona Oasis Spa recently opened at 326 Cayuga Road in Cheektowaga. Co-owners Lisa Cyrankowski and Gwen Higby. Cyrankowski is a licensed massage therapist and esthetician and Higby is a licensed esthetician.

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ACP Technologies of West Seneca has been named to the Ingram Micro 2013 SMB 500. This is the second consecutive year ACP has made the list, which celebrates the top 500 fastest-growing Ingram Micro U.S. channel partners focused on small and midsize businesses.

Contributing

 Carubba Collision Corp. will present two checks totaling $17,050 to the Food Bank of Western New York and to the Niagara County Sheriffs K-9 Unit. Each organization will receive $8,525. The funds are from the proceeds of the inaugural Carubba Collision Golf Classic Tournament, held in August at Diamond Hawk Golf Course in Cheektowaga.

Patents

 Title: Catalysts for fluoroolefins hydrogenation

No.: 8,575,407

Inventors: Wang, Haiyou (Amherst); Tung, Hsueh Sung (Getzville)

Assignee: Honeywell International (Morristown, N.J.)

Date issued: Nov. 5, 2013
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Who is Alain Kaloyeros?

November 21, 2013, 8:41 am
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Review highlights of RiverBend announcement

November 21, 2013, 9:15 am
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Gov. Andrew M. Cuomo will be in Buffalo this morning to reveal plans for a $225 million, high-tech development on a brownfield site in South Buffalo that includes a commitment from two California clean-energy companies to create 850 jobs, The Buffalo News has learned.

Follow updates from the news conference:

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Ford Stamping Plant adding 350 jobs, third shift

November 21, 2013, 10:30 am
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Ford Motor Co. formally announced today an expansion that will create about 350 new jobs at the Stamping Plant in the Town of Hamburg.

A $150 million investment will expand production and create the need for a third shift to handle the increased capacity, the company said.

Gov. Andrew Cuomo, on hand for the announcement at the plant, praised the workers at the facility for their efficiency, and noted that the state was putting $7 million toward the project.

“This investment in the plant will make sure that the 680 jobs we have in the plant will still be here... and 350 new jobs will be created,” Cuomo said.

The plant will begin making more than 25 new sub-assemblies including hoods, doors and fenders, more than 500 new dies and a new blanking line will open, as well as equipment upgrades and refurbishing to support future products programs, the company said.

“The job additions at Buffalo Stamping Plant are a combination of new workers, transfers and employees coming back from temporary leave,” the company said in a release.

The plant produces doors, quarter panels, hoods, fenders and other stamped parts for the Ford F-250, F-350, Flex, Edge, Focus and Econoline, as well as the Lincoln MKX and MKT.

email: mglynn@buffnews.com
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