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ALLEGANY – It has been empty for nearly 20 years – the shuttered Kmart off Exit 24 of Interstate 86, the gateway to Allegany and St. Bonaventure University.

Kody Sprague, of Sprague Development, is looking to invest more than $3 million into the building to attract business to the area.

The 100,000-square-foot building will require a new roof, facade, interior and utility renovations, Sprague said Tuesday, addressing members of the Cattaraugus County IDA, while requesting sales tax abatements and a 10-year PILOT for the facility.

The project is expected to employ workers from at least 15 area contractors and, once completed, to generate 100 new jobs, according to information presented to the IDA.

“We are still in our due diligence phase of this development,” Sprague said. “It is one of the stepping stones. The entire roof will need to be replaced, and that’s a big rubber roof. That would be our first action, as well as renovations to the facade to make the place look better than it does now.”

Sprague said he has yet to line up tenants but envisions the project as key to development in that section of Cattaraugus County. IDA Executive Director Corey Wiktor agreed, noting the property previously has been designated as important to development.

“That area is the gateway to St. Bonaventure University,” he said. “There are a lot of possibilities in that area, if we can get some development at this site.”

The Kmart closed in 1995, Wiktor said.

Members of the board remembered the plaza, which was built in the late 1960s, and once included a Wegmans, pharmacy, restaurant and a bar, before Kmart became the lone tenant.