UTICA, N.Y. – A meeting was held Friday at Mohawk Valley Edge in Rome to discuss financial incentives for Cree, the new silicon carbide wafer manufacturing facility coming to Marcy.
The Oneida County Industrial Development Agency (OCIDA) granted preliminary approval for financial asisstance in the form of sales and mortgage recording tax exemptions ranging from $32 to $36 million. The company will also make PILOT payments, or ‘payments in lieu of taxes,’ of nearly $70 million over 49 years.
President of MV Edge, Steve Di Meo, says they believe the area will see a significant return on the investment into Cree.
“A single job in the fab generally has an indirect induced labor multiplier of roughly 4.89, so a project of this magnitude with 614 jobs is estimated to basically support about 3,000 jobs, many of them would be Mohawk Valley. Some of them would be statewide," said Di Meo.
OCIDA also discussed tax exemptions for other local businesses during the meeting, including between $150,000 and $180,000 for Indium Corporation, as well as a real property tax deduction of roughly $300,000.
Sales taxes exemptions for the Orgill facility were also approved in the amount of $4.2 million, with a real property tax abatement of about $15 million. The company plans to build a warehouse near Griffiss International Airport in Rome.
The FX Matt Brewery will also receive an increase in sales tax exemptions from $550,000 to $850,000 for a 2017 project costing more than anticipated.