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The Buffalo Urban Renewal Agency has voted to extend an agreement with Ellicott Development that grants the company exclusive rights to develop land near the Erie Basin Marina.

If the agency did not take action, the agreement would have expired Saturday.

The city is working on clearing title to the properties, which are owned by the agency but have parking agreements for nearby property owners attached to them.

The agreement was extended for 12 months.

Ellicott Development is planning to build “The Carlo,” a $75 million, 14-story tower that includes a hotel, office space, retail and apartments at Erie Street and Wilkeson Way.