One of Seneca County’s largest employers will see an expansion in Seneca Falls after a 6-0 approval for a package of incentives by the Industrial Development Agency.
The Seneca County Industrial Development Agency voted 6-0 to approve a package of incentives for Danaren, allowing the company to expand in Seneca Falls, keep 36 jobs, and add 35 more positions over the next five years, the Finger Lakes Times reported.
The jobs will have a median salary of $55,000 per year.
The PILOT agreement, good for 10 years, will save the company approximately $187,350 in town, county, and school taxes. It also gives them a savings of $292,000 in sales tax exemptions for supplies on the project.
IDA officials said a cost-benefits analysis of the incentive package indicates a 34-to-1 ratio, meaning for every $1 in incentives, the expansion would yield $34 in wages, taxes and other benefits.
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