GCEDC board approves incentives for Liberty Pumps and Bank of Castile expansion projects
The Board of Directors of the Genesee County Economic Development Center (GCEDC) approved applications for two projects at its March 6, 2014, board meeting.
The Bank of Castile/Tompkins Trust Company is purchasing a building located at 113-119 Main St. in the City of Batavia and plans to renovate the second floor (10,000 square feet) into a call center for its expanding operations because of limited space in its current location in the City of Batavia. The company also plans to maintain the first floor and continue renting space to current lessors.
The company was approved for a sales tax exemption of approximately $53,600 and a property tax exemption of approximately $27,800 to expand its existing facility. The planned capital investment will total an estimated $1.5 million dollars and is projected to create two new jobs.
Tompkins Trust Company built a new 18,000-square-foot headquarters in the City of Batavia in 2004, investing more than $2.9 million dollars. The company had pledged to create 63 new jobs; as of 2012, it had created 74 jobs.
Liberty Pumps is planning a 100,000-square-foot expansion of its existing facility at Apple Tree Acres in Bergen, NY. The renovation will include new spaces for production, warehouse, research and development, as well as an office, auditorium and training center. An initial resolution for Liberty Pumps was approved to set a public hearing as the total amount of incentives exceeds $100,000. The capital investment for the expansion project is $9.8 million and will create 27 new jobs while retaining 124 employees at the facility.
In 2000 Liberty Pumps invested $3.7 million for the acquisition of the land and construction of a 60,000-square-foot manufacturing facility. It underwent another expansion project in 2008 which entailed the investment of an additional $4 million for the construction of a 64,000-square-foot addition to the existing facility.
“It’s great to see companies that our agency has assisted with in past, come back to us with plans to expand their operations and create even more jobs in our region,” said Wally Hinchey, GCEDC board chairman.
Was there ever any doubt that Charlie would get what he wanted? Taxpayer funded expansion of power availability is next.
Liberty Pumps, the latest company at the trough, will get $1.3 million in tax breaks over 10 years to create an "estimated" 27 new jobs. By my math that's $48K per job.
So that's $1.3 million in taxes that will have to be made up by guess who?
I guess this madness won't end any time soon, so old Charlie figured he might as well belly up to the bar just like everyone else.
Corporate welfare continues...
EDC Gov subsidizing is taxpayer money being redistributed to benefit companies to create jobs that in turn create new tax revenue to offset the taxes we already pay.
BUT, when was the last time there was a real tax decrease???