The Genesee County Economic Development Center Board of Directors (GCEDC) will consider a final resolution for a $142 million investment proposed in the town of Pembroke at a board meeting on March 2, 2023.
Horizon Acres Associates, LLC, based in Rockland County, is partnering with Geis Companies, based in Streetsboro, OH, to build six flex commercial/industrial facilities totaling 1.5 million square feet. The project would be located on 115 acres immediately off the 48-A interchange on the New York State Thruway, giving access to transportation networks throughout the region.
“In addition to the direct impact this project will have in Pembroke, these facilities are going to be an integral addition to the recruitment of potential tenants at the Science & Technology Advanced Manufacturing Park (STAMP) and other nearby locations,” said GCEDC President and CEO Steve Hyde. “At full build-out, the campus is estimated to create up to 400 new jobs, we have the workforce candidates and programs to support this ambitious number.”
The company plans to start construction in 2023 with the goal of having one to two buildings totaling 560,000 square feet, being operational in late 2024. The facilities will be suitable for a large single tenant, multiple smaller tenants, or suppliers for advanced manufacturing projects.
Horizon Acres Associates, LLC is requesting a sales tax exemption estimated at $6.2 million, a property tax abatement estimated at $11.9 million, and a mortgage tax exemption estimated at $1.1 million. The project is projected to generate $7.9 million in PILOT revenues to municipalities during the proposed 10-year project agreement, which is estimated at 39.5 times the municipal revenue that would be generated under the property’s current use.
The GCEDC’s economic analysis of the project estimates a $227 million impact, including $218 million in payroll and $9.1 million in revenues to the Town of Pembroke, the Pembroke Central School District and Genesee County. For every $1 of public benefit requested, the project is projected to generate $16 into the local economy.
A public hearing was held on the proposed project agreements on Jan. 30 in the Town of Pembroke.