The Cayuga County Industrial Development Agency (CCIDA) and Cayuga Milk Ingredients (CMI) have agreed on a land purchase agreement in the Cayuga County Industrial Park in the Town of Aurelius. CCIDA and CMI have worked together since CMI’s first land purchase in 2012 and have continued to partner on improvements to the park, including the attraction of Denkavit (formerly known as Grober Nutrition) and CCIDA’s EDA grant which was awarded in July of this year.
CMI’s project is planned to begin in spring 2023, is estimated to create over 70 jobs and add a facility expansion of over 100,000 square feet on Eagle Drive. The EDA grant, awarded to CCIDA, will be used to construct a new wastewater pumping station. The new wastewater pumping station will be critical in supporting CMI’s expansion project in addition to supporting the park’s other tenant, Denkavit, an animal feed producer.
CCIDA has 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 abatement on project financing
- property tax abatements, aka Payment in Lieu of Tax agreements (PILOTs)
- tax exempt bonds
These benefits are intended to help business’s construction/renovation/expansion projects that would create jobs and other economic benefits, by generating savings during the construction phase of their startup or expansion project. 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 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 the mortgage recording tax with sales and use tax exemptions to help reduce costs during the construction phase of their project. Others apply for all available incentives. CEDA’s Economic Development Specialist is available to guide businesses through the entire process for free and with confidentiality.
Contact us if you are interested in learning more about business assistance in Cayuga County. CEDA’s specialists are available to help during any phase of your business, whether it’s pondering a business idea or a major business expansion. We have the resources needed to start or grow your business in Cayuga County, and as always, our services are free and confidential.