Roswell Park Cancer Institute has secured the final $6.3 million needed to pay for the $44 million first phase of its new, 142,000-square-foot Clinical Sciences Center.
The cancer center raised the money through the federal New Markets Tax Credit Program to support construction of the 11-story clinical and medical research facility, for which ground was broken in April.
A total of $30.5 million in tax credits provided through the program, which is meant to encourage investment in low-income neighborhoods, will generate $6.3 million in capital for the Roswell Park facility at Michigan Avenue and Carlton Street on the Buffalo Niagara Medical Campus.
Officials raised the possibility of applying the tax credits to the Clinical Sciences Center in February and again in July. Initial projections had the tax credits generating between $3 million and $4 million in capital for the Roswell Park project, but officials announced Tuesday that greater participation in the tax credits program will generate more money for the facility.
The hospital has raised an additional $38 million toward the first phase of the Clinical Sciences Center, which calls for completion of the bottom five floors and framing of the top six floors of the building by 2016. The second phase is expected to cost $11 million.
Sen. Charles E. Schumer, D-N.Y.; Rep. Brian Higgins, D-Buffalo; Mayor Byron Brown and other local and hospital officials attended Tuesday’s announcement at Roswell Park.