FOR IMMEDIATE RELEASE
January 18, 2018
Dennis Brobston, President
Saratoga Economic Development Corporation
(518) 587-0945, email@example.com
SEDC HELPS WIN APPROVAL OF INCENTIVES FOR ENTREPRENEUR BUSINESS INCUBATOR SPACE REACTIVATING THE FORMER DiSIENA FURNITURE
Entrepreneur Space Funded by Precision Valve & Automation to Boost Product Innovation, Production & Preserve Community & School Tax Base
Saratoga Springs, NY — Saratoga Economic Development Corporation (SEDC) led a successful incentive presentation to the Mechanicville-Stillwater IDA to repurpose the recently closed DiSiena Furniture headquarters and warehouse in Mechanicville, New York as a product innovation space for early stage companies. It will be operated by Latham-based Precision Valve & Automation (PVA) and its founder, Tony Hynes. SEDC’s entrepreneur incubator and accelerator launched in April 2017, Spark Saratoga, will seek to enhance admitted companies access to professional mentors and resource partners from the region to further boost small business growth. The shuttered site acquisition reinvestment will preserve the $58,782 per year local and school tax base of the former DiSiena Furniture.
PVA’s $1.6 million acquisition and $2.3 million investment is anticipated this spring and summer and will initially attract three companies employing 12 people. The fit-out will provide prototyping machinery, software, professional technical support, and institutional capital. Longer term incentives to the program include vital health and child-care benefits for accepted early stage companies.
SEDC is focused on local business innovation and acceleration by fostering professional mentors and resources supporting product research, market analysis, and access to potential capital. SEDC asked the Mechanicville-Stillwater IDA for tax abatement incentives valued at $642,636. The IDA approved the incentives including the 10-year PILOT freezing the existing tax assessment and preserving the community’s tax base.
“We are always amazed by the ingenuity in the market and truly blessed to have Tony Hynes see the 70-year DiSiena space as an asset to be revitalized so soon after its closing,” said Dennis Brobston, President of Saratoga Economic Development Corporation. “Retaining this private property as a viable part of the community tax base is an important accomplishment for everyone. We are grateful for the support of our partners at the Mechanicville-Stillwater IDA to help make this investment competitive for PVA and the emerging businesses it will attract to grow more business, jobs and wages here.”
The approach PVA takes to provide not just the space, but meaningful support like health benefits and child-care on-site, will be unique to allow admitted innovative small businesses to focus on developing solutions valued in the marketplace. Accelerating these company’s products into the market will help fuel growth that leads to attracting more talent for jobs, as well as spinning off more commercial development opportunities to house the growing businesses and serve their needs from area resource partners.
SEDC coordinated the initial application to the Mechanicville-Stillwater IDA and presented at its meeting on December 11, 2017. The community hearing and unanimous approval occurred at the IDA meeting January 16, 2018. The benefits approved to support the $3.9 million investment include:
- a 10-year PILOT freezing the existing site assessment at $2 million for an estimated project savings of $564,250
- Sales Tax Abatement against materials purchased for the project expansion for an estimated project savings of $78,386
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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. Celebrating 40 years of success, SEDC continues to work with nearly 300 employers. Projects 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 are among its successes. In total, SEDC has worked to bring over 17,500 jobs to Saratoga County and over $15 billion in capital investment. Since 2014, SEDC helped to stimulate over $2.5 billion of new investment, creating and retaining over 1,700 area jobs, and generating over $47 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. It is currently supporting over 30 project companies on their paths to business growth.