Family-owned 5S Development LLC, a company that specializes in demolition, wrecking, and development, is proposing a 5,000-square-foot, two-story addition to its current corporate office in Seneca County.
The company, which is a third-generation affiliate of the Sessler Companies, has applied for a 15-year Payment-in-lieu-of-taxes agreement, an exemption from paying sales tax on the purchase of equipment, supplies, and materials associated with the addition, and an exemption from the mortgage recording tax.
The Seneca County Industrial Development Agency has scheduled a public hearing on the application for Friday, January 21st at 1 p.m. in the Seneca County Office Building’s Heroes Conference Room. The addition will allow the company to retain 20 existing employees and hire an additional six workers within three years, said IDA Executive Director Sarah Davis.
An independent cost-benefit analysis of the proposed financial aid package shows that the $230,432 price tag of the PILOT and two exemptions would be offset by $33.6 million in benefits in the form of ongoing payroll, capital costs, PILOT payments, temporary sales tax revenue, and the IDA agency fee. The proposed expansion is expected to boost the local economy and create new jobs in the area.
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