FOR IMMEDIATE RELEASE
November 29, 2017
Dennis Brobston, President
Saratoga Economic Development Corporation
(518) 587-0945, firstname.lastname@example.org
SEDC WINS INCENTIVES FOR $3.225 MILLION IN CLIFTON PARK PROJECTS
Collaboration with Proven Developer Adds Capacity to Attract & Retain 34 Local Jobs
Saratoga Springs, NY — As part of attracting and retaining talent and businesses to grow jobs, Saratoga needs an inventory of competitive spaces. In collaboration with MJ Properties, Fairchild Square, LLC and the Clifton Park IDA, Saratoga Economic Development Corporation (SEDC) helped win over $394,000 of local incentives to boost $3.225 million of new private investment in Clifton Park. The investments are expected to attract 27 new jobs and retain seven area jobs over the next three years.
$2.275 million of private investment will deliver a 25,000 sf new spec building to be programmed for future warehouse or office space projected to stimulate 15 new jobs within three years. Another $950,000 of private investment will deliver a 7,500 sf building that will be the new home of MJ Properties, retaining seven local jobs. The other half of the building will be available for lease and is projected to attract 12 new jobs within three years. The buildings will start construction January,2018 and are located at 8 and 12 Fairchild Square, Clifton Park, NY.
“Building capacity to attract and retain employers and local jobs is critical to our Advance Saratoga initiative to grow investment, jobs and wages,” said Dennis Brobston, President of SEDC. “We are grateful for local business leaders like MJ Properties for their continued faith investing in our marketplace, and for the Clifton Park IDA for helping make these developments competitive for lease by employers. When speaking with community leaders and our member investors, I always emphasize our ability to promote, retain and grow opportunity relies on the capacity we can stimulate the private sector to create in truly job-ready locations to house growing businesses.”
SEDC led the application to the Clifton Park IDA last month. Incentives were approved Tuesday evening, November 28th. Payment-in-lieu-of-taxes (PILOT) agreements and other incentives for the two projects include:
- A 10-year PILOT valued at $237,445 for the 25,000 sf building and $2.275 million investment that will create 15 new jobs within three years.
- Sales Tax Abatement against materials purchased for the project for an estimated savings of $114,100
- Mortgage Tax Abatement for filings to the County for an estimated savings of $17,400
- A 10-year PILOT valued at $75,855 for the 7,500 sf building and $950,000 investment that will retain seven jobs and attract 12 new jobs within three years.
“We are thankful for the help of SEDC and Dennis Brobston,” said MJ Properties and Fairchild Square President, Mark Rekucki. “It’s a pleasure collaborating to keep prompting new business opportunities in Saratoga County. We are confident in their proven ability to execute on projects, support needed incentives and to stay engaged helping attract businesses to the area.”
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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.