hree local businesses are in line to receive property tax abatements and sales and mortgage tax exemptions from the Seneca County Industrial Development Agency.
Summit Milk LLC of Waterloo and Danaren Dental Laboratories of Seneca Falls will have their applications for aid put to a final vote. Their initial resolutions were approved in August, and the required public hearings were conducted, also in August.
The IDA is proposing a payment-in-lieu-of-taxes (PILOT) agreement with Danaren that will have the family-owned company pay a set amount each year to be shared by the town of Seneca Falls, Seneca County and the Waterloo school district, rather than pay regular property taxes. That will save the company an estimated $80,025.
Danaren officials said they need the financial aid to help them stay in Seneca Falls, rather than expand at other BonaDent facilities in South Carolina or Florida or outsource their dental product manufacturing to other countries.
The financial aid package also includes an exemption from paying sales tax on materials, equipment and supplies related to the construction of a 7,500-square-foot addition to the Danaren building. That would save the company an estimated $56,800.
The expansion would increase employment from 29 to 59 over five years. And the company also would be exempted from paying the mortgage recording tax on the property once the IDA lease expires, saving $13,600.
The Summit Milk aid is in the form of an extension of an existing PILOT. Officials at the Swift Street plant say they need the extension because the company is still in a start-up phase.