FOR IMMEDIATE RELEASE
December 18, 2017
Dennis Brobston, President
Saratoga Economic Development Corporation
(518) 587-0945, firstname.lastname@example.org
SEDC HELPS ATTRACT REUSE OF FORMER DiSIENA FURNITURE AS ENTREPRENEUR SPACE LED BY PRECISION VALVE & AUTOMATION
Incubator Funded by PVA Will Boost Product Innovation, Production & Offer Health & Child Care Benefits to Admitted Companies
Saratoga Springs, NY — Saratoga Economic Development Corporation (SEDC) is working with Precision Valve & Automation (PVA) of Latham and its founder Tony Hynes to win Mechanicville-Stillwater IDA incentives to re-purpose the recently closed DiSiena Furniture headquarters and warehouse in Mechanicville, New York. PVA’s investment will re-purpose the building as an entrepreneur space providing prototyping machinery, software, professional technical support, as well as vital health and child-care benefits for accepted early stage companies. SEDC is focused on local business innovation and acceleration by fostering professional mentors and resources supporting product research, market analysis, and access to potential capital. Site acquisition is expected in 2018 with a total initial investment of $3.9 million. SEDC is asking the Mechanicville-Stillwater IDA for incentives valued at $600,000 in the form of a 10-year PILOT and sales tax abatements. Early stage companies to locate at the facility in Mechanicville will initially provide 12 jobs.
“What PVA and its founder, Tony Hynes, do is truly inspiring,” said Dennis Brobston, President of SEDC. “This is an example of community led initiative to do well by doing good. PVA will re-activate this space for promising growth companies and innovators who will breath new life into the community. Project companies admitted will have benefit of not only key equipment and technical support of PVA, but through our SPARK Saratoga platform, we will assess key business gaps and pair companies with proven area mentors and professional resources to help them succeed. The approach PVA takes to provide not just the space, but meaningful support like health benefits and child-care on-site, really enables innovators to focus on developing solutions valued in the marketplace. Accelerating these company’s products into the market will help fuel growth that leads to more jobs and wage opportunities for the area workforce. We are excited to promote needed incentives from our partners at the Mechanicville-Stillwater IDA.”
Three early stage companies will initially locate at the re-activated DiSiena site in Mechanicville. They already support 12 full-time jobs. PVA’s $3.9 million investment will start with the $1.6 million site acquisition expected to close in January. Site investment and companies relocating to the facility are estimated to take place by June 2018. The 75,000 square feet of eventual space could support additional companies and staffing.
“Since my time as a startup at the RPI incubator, I have always wanted to create a business incubator of my own. I know firsthand how difficult start up is, and my hope is that we can create an environment which allows entrepreneurs to succeed faster and with less risk,” says Tony Hynes, Founder & CEO.
SEDC coordinated the initial application to the Mechanicville-Stillwater IDA and presented at its meeting on December 11, 2017. A future hearing will be held January 16th, 7pm at The Mechanicville Senior Center. The benefits requested to support this initial $1.6 million investment include:
- a 10-year PILOT for an estimated savings of $564,250
- Sales Tax Abatement against materials purchased for the project expansion for an estimated savings of $78, 386
“It is always a challenge as an economic developer when we see a longtime company close its doors,” said Brobston. “What better way to re-open than with a proven team supporting next generation local businesses putting down roots to grow here. Our economic development approach has increasingly focused on attracting and retaining talent to bolster area businesses to successfully enter the marketplace and grow. Working with like-minded leaders like Tony to put the facility to an exciting new use, and to foster collaboration with our community-based member network was a no-brainer.”
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About Saratoga Economic Development Corporation (SEDC)
SEDC is a fully private investor led, non-profit consulting firm established in 1978 that works to retain existing businesses, while stimulating new investment to create more jobs in Saratoga County and the Capital Region of New York. SEDC is the premier economic development agency in Saratoga County and its mission is to create jobs, diversify the tax base and improve the quality of life for residents. SEDC accomplishes this through the retention of existing business, attraction of new industry, and improvement of overall competitiveness. For nearly four decades SEDC has been instrumental and continues to work with over 300 employers like Ball Metal Container, QUAD/Graphics, AgroChem, PeroxyChem, Greenfield Manufacturing State Farm Insurance, Target and Ace Hardware distribution warehouses and the development of the Luther Forest Technology Campus (LFTC) which lead to the attraction of GlobalFoundries. In its history, SEDC has worked to bring over 17,500 jobs to Saratoga County and over $15 billion in capital investment. In 2016 alone, SEDC helped to stimulate over $50M in new investment creating over 426 jobs, retaining 201 jobs and generating over $23 million in local employee wages per year. In 2017, SEDC launched SPARK Saratoga, the county’s only entrepreneur business incubator and early stage company accelerator supported by established, skilled professional mentors and regional academic institutions with global networks of resources and investors.