FOR IMMEDIATE RELEASE
September 11, 2017
Dennis Brobston, President
Saratoga Economic Development Corporation
(518) 587-0945, email@example.com
SEDC HELPS WIN $4.7 MILLION OF INCENTIVES FOR ARNOFF EXPANSION
New Expansion is on Top of 2016 Investment to Grow 20 More Jobs within 3 Years
Saratoga Springs, NY — Saratoga Economic Development Corporation (SEDC) led the incentive application approved today by the Saratoga County IDA to boost Arnoff Moving & Storage, Inc.’s (Arnoff) new $4.7 million expansion of its new operations in Malta. This round of investment by the company is expected to add 20 full-time jobs within three years. Arnoff was a client project of SEDC in 2016 on its initial site acquisition, investment and incentives to relocate to Malta. That investment has already produced 73 full time jobs and is on pace to add 34 more per its original agreement with the Saratoga County IDA. This newest expansion will add 43,780 square feet of additional warehouse space and a 7,672 square foot truck maintenance operation. Each of these new planned uses will create 10 new full time jobs.
“We are focused on helping attract and retain companies that will spark new workforce opportunities to continue advancing Saratoga,” said Dennis Brobston, President, SEDC. “As we recently read in independent reports, Saratoga County has attracted the most investment and continues to outpace most of New York State in business opportunities that support our quality of life. We have been pleased to work with Arnoff to attract them here originally, and look forward to continuing to retain and grow businesses in Saratoga County. With Malta so strategically positioned in the capital region, we have been working alongside other stakeholders with its town leaders to see their planning and zoning improvements deliver certainty that can attract commercial investment to grow the tax base and job options.”
The application prepared and submitted by SEDC on behalf of Arnoff to the Saratoga County IDA calls for $788k of incentives for the nearly $4.7 million of private investment:
- $559,474 over 10 years in local property and school tax savings
- Sales Tax Abatement on materials for the new expansion – Estimated savings – $203,000
- Mortgage Tax Abatement on the new financing – Estimated savings – $25,316
The Saratoga County IDA reviewed the incentive application, held its public hearing and voted to approve the incentives at a meeting today, September 11th, at the Town of Malta.
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, 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.