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State okays empire zone revisions
By
DAVID HULSE
ALBANY, NY — In a December 16
statement, Governor Pataki announced the approval
of Sullivan County’s request to revise the boundaries
of the county’s Empire Zone to utilize an additional
134.17 acres of land.
According to county planning commissioner
Alan Sorensen, these revisions will allow 47 companies
to move forward with $123.8 million in investment
and expansion plans that will create 1,575 new jobs,
and a potential 1,500 projected jobs.
“These smart revisions to our Sullivan
County Empire Zone will strengthen local businesses,
stimulate millions of dollars in new investment and
create new job opportunities for the people of Sullivan
County,” Governor Pataki said.
Another even larger
boundary change will be submitted before January 15,
Sorensen said. That revision, which will include another
200 to 225 acres, will cover most of the main street
and prime commercial areas in the county and include
investment value of $1 billion.
That application is designed to leave
Empire Zone options open for future development in
light of changes in eligibility in the coming year.
After 2002, the law administering the zones will no
longer allow zone expansions that are non-contiguous
with the originally nominated zone, which is centered
in the Monticello area.
Sullivan will still have some 750 acres
of Empire Zone eligibility remaining after the January
application.
Employers that will benefit from the
revisions announced this week include:
- Global Aquaproduction Systems
LTD., which plans to invest $23.8 million and
create 146 new jobs;
- Columbia Monticello, which
plans to invest $12 million and create 240 new
jobs;
- Best Western Paramount, which
plans to invest $9 million and create 125 new
jobs;
- Monticello Raceway, which plans
to invest $6 million and create 300 new jobs;
- Holiday Mountain, which plans
to invest $3.2 million and create 75 new jobs;
- Cannie D’s Corner, which plans
to invest $2 million and create 40 new jobs;
- Formaggio Italian Cheese, which
plans to invest $1 million and create 55 new jobs;
- Ideal Snacks, which plans to
invest $1 million and create 40 new jobs;
- Kutsher’s Inc., which plans
to invest $10 million and create 14 new jobs;
and
- Emerald Corporate Center, where
plans call for investment of $30 million and creation
of a projected 1,500 new jobs;
There are currently 72 Empire Zones
across New York State. Empire Zones are designated
areas throughout the state consisting of a maximum
of either two or one square miles, 1,280 acres or
640 acres respectively, that offer significant incentives
to encourage economic development, business investment
and job creation. Businesses operating inside a zone
are eligible for tax benefits that are applied against
new capital investments. Benefits include tax reduction
credits, real property tax credits, sales tax exemptions,
wage tax credits, and utility rate reductions. The
tax benefits can reduce a company’s tax liability
to zero or provide credits.
The March issue of Site Selection magazine
reported that New York State now ranks third in the
nation in attracting new and expanded corporate facilities—the
state’s strongest ranking ever and a step above
last year’s fourth place finish. In 2001, New
York attracted 988 expansion projects, compared with
only 75 in 1994 when the state placed a disappointing
20th.
Senator John Bonacic (R-40) said, “The
Empire Zone has been a critically important tool in
helping existing businesses grow and welcoming new
companies to Sullivan County. The boundary line revisions
announced by the governor will continue to expand
economic opportunity for the people of Sullivan County.”
Sullivan County Legislature Chairwoman
Leni Binder said, “We are pleased Governor Pataki
has included us in the latest round of boundary revisions
to the Empire Zones. By capitalizing on the expansion
of the Sullivan County Empire Zone, we are opening
the door to new business investments and job opportunities.”
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