The Cayuga County Industrial Development Agency (CCIDA) has been awarded $1.1 million through the Economic Development Administration’s American Rescue Plan Economic Adjustment Assistance Program. The funds, along with $264,270 in local investments, will be used to construct a new wastewater pumping station.
This project will create 70 jobs, generate $107 million in private investment, and will aid Cayuga Milk Ingredients’ 50K-square-foot expansion project planned for 2023. The wastewater improvements in CCIDA’s industrial development park will help expansions for both the milk processing plant and its neighbor, Denkavit, an animal feed producer.
Along with ensuring both of these companies can grow and retain jobs for our county, investments like these continue the Cayuga County dairy industry’s forward momentum.
“These funds will be used to expand the capacity of the sewer line in the CCIDA Industrial Development Park, which will better support the existing tenants’ needs, as well as their anticipated needs for future expansions,” said Ray Lockwood, CCIDA Chair. “CCIDA is thankful for the support of Senator Schumer and the Central New York Regional Planning and Development Board, which helped make this grant application successful.”
CCIDA has also expressed gratitude to its administrative team at CEDA. CEDA provides administrative services to CCIDA and the Auburn Industrial Development Authority (AIDA) including marketing and communications, helping with the provision of services to businesses applying for or receiving benefits, and annual auditing and reporting.
Both IDAs can provide the following incentives to eligible expansion, relocation, and startup projects:
- sales and use tax exemption during project construction/renovation
- mortgage recording tax exemption on project financing
- property tax abatements, aka Payment in Lieu of Tax agreements (PILOTs)
- tax exempt bonds
These benefits are intended to help business projects that would create jobs and economic benefits by generating savings during the construction and ramp-up of their startup or expansion. IDAs are also able to buy, own, and sell land. AIDA currently has parcels in the Auburn Technology Park, while CCIDA has land in the Cayuga County Industrial Development Park across from the Fingerlakes Mall. Both sites have land available for business development purposes.
In order to receive IDA incentives, a business must apply to the IDA Board by providing information about their company, the project, financial projections, expected employment creation, and environmental impacts of the project. A company may apply for any combination of the incentives listed above. Some companies apply only for sales and use tax exemption to help reduce costs during the construction phase of their project. Others apply for all available incentives.
Contact us if you are interested in learning more about assistance in Cayuga County if you are expanding, locating, or need any other resources for your business. Our services are always free and confidential.
Photo: Aerial view of Cayuga Milk Ingredients located in the Cayuga County Industrial Development Park in Aurelius NY. Photo taken December 2021, courtesy Matt Champlin.
