FOR IMMEDIATE RELEASE
October 16, 2017
Dennis Brobston, President
Saratoga Economic Development Corporation
(518) 587-0945, firstname.lastname@example.org
SEDC PROMOTED INCENTIVES FOR $2.5 MILLION GREENFIELD MANUFACTURING EXPANSION to SARATOGA COUNTY IDA
Advanced Manufacturing Growth a Priority for SEDC to Advance Saratoga
Saratoga Springs, NY — Building on recent success, Greenfield Manufacturing, Inc. (GMI) is preparing to nearly double its 2016 expansion, investing another $2.5 million to add product innovation, production and materials warehouse and packaging facilities to its Saratoga Springs based chemical manufacturing and services facility. The investment will retain its 13 employees and add seven additional full-time employees. Saratoga Economic Development Corporation (SEDC) has been leading its request for local incentives of nearly $459,000.
“It’s always great seeing entrepreneurs grow their business – and it is especially satisfying to support GMI’s continued growth in Saratoga,” said Dennis Brobston, President of SEDC. “This is a prime example of why we focus first on homegrown small business because as they continue to innovate, they are more likely to expand here and our communities retain their talent, investments and job creation. We will continue promoting the area to attract companies relocating here, but as we noted in launching Spark Saratoga, boosting area entrepreneurs to grow business is a far more efficient path to grow future opportunities and investments.”
GMI was established in February, 1998 in Corinth as a competitive custom chemical manufacturer of specialty lubricants and additives that improve materials performance. It continues serve major clients like Dow Chemical, Momentive Performance Materials, General Electric and Castrol. GMI’s project will add 10,875 square feet of light manufacturing and warehouse space to its recently built 24,750 sf facility in the Grande Industrial Park, Saratoga Springs. It will also build a new neighboring 10,000 sf building for producing a new line of chemical additives for its clients. Munter Enterprises is contracted for the construction and the project is pending site plan review by the City of Saratoga Springs.
SEDC led the application to the Saratoga County IDA. Today, the Saratoga County IDA scheduled a public hearing for November 13th at City Hall in Saratoga Springs to discuss the benefits for the $2.5 million expansion that include:
- A 10-year Manufacturing PILOT, with no additional local taxes for years 1 -10 of the project expansion for an estimated savings of $348,740
- Sales Tax Abatement against materials purchased for the project expansion for an estimated savings of $124,600
- Mortgage Tax Abatement for filings to the County for an estimated savings of $16,875
“We are grateful for the continued local support for our growth and innovation,” said GMI President and Owner, Duane Palmateer. “It’s been a journey since 1998, and it’s not always easy in business. We are happy to have SEDC listening and working with us to help our local expansion so we can focus on delivering value to our customers and innovating for future growth right here at home.”
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About Saratoga Economic Development Corporation (SEDC)
SEDC is a fully private investor led, non-profit consulting firm established in 1978 that works to retain existing businesses, while stimulating new investment to create more jobs in Saratoga County and the Capital Region of New York. SEDC is the premier economic development agency in Saratoga County and its mission is to create jobs, diversify the tax base and improve the quality of life for residents. SEDC accomplishes this through the retention of existing business, attraction of new industry, and improvement of overall competitiveness. For nearly four decades SEDC has been instrumental and continues to work with over 300 employers like Ball Metal Container, QUAD/Graphics, AgroChem, PeroxyChem, Greenfield Manufacturing State Farm Insurance, Target and Ace Hardware distribution warehouses and the development of the Luther Forest Technology Campus (LFTC) which lead to the attraction of GlobalFoundries. In its history, SEDC has worked to bring over 17,500 jobs to Saratoga County and over $15 billion in capital investment. In 2016 alone, SEDC helped to stimulate over $50M in new investment creating over 426 jobs, retaining 201 jobs and generating over $23 million in local employee wages per year. In 2017, SEDC launched SPARK Saratoga, the county’s only entrepreneur business incubator and early stage company accelerator supported by established, skilled professional mentors and regional academic institutions with global networks of resources and investors.