ROME, N.Y. – The Oneida County Industrial Development Agency (IDA) has taken a final vote to approve the tax exemptions for Cree Inc., the company planning to build a manufacturing facility in Marcy.
The IDA first voted to approve the resolutions in last month before holding a hearing on Oct. 15 to gather input from the public.
The final authorization was made on Friday, approving between $22 and $36 million in sales tax exemptions for Cree.
“It now becomes a huge paperwork process, but also the exciting part is you're going to start seeing construction happening out there, and people are going to start coming in to our community to look at us, and to say do I want to move there, but Cree's also starting to bring in HR people to say we're going to start hiring,” said Shawna Papale, executive director of the Oneida County IDA.
The company will also be exempt from mortgage recording taxes, not to exceed $126,500. Cree will make PILOT payments, or ‘payments in lieu of taxes,’ of an estimated $21.5 million.
A date has not yet been scheduled for initial construction on the new facility.