SENECA FALLS — The public is invited to comment on the financial incentive package the Seneca County Industrial Development Agency wants to offer ITT Goulds Pumps.
The IDA has scheduled a public hearing for 10 a.m. Oct. 9 at the Seneca Falls Town Hall, 81 W. Bayard St.
Goulds has announced plans to build a new, 75,000-square-foot pump manufacturing and assembly facility at its 240 Fall St. property.
The company, founded in Seneca Falls in 1848, plans to build a $20 million facility that will create 50 new jobs in the next three years. The company has asked the IDA for financial incentives, noting that it could also build the new facility at its Texas or Mexico operations.
In response, the IDA is proposing a package that includes:
• Acquiring a leasehold interest in certain property and any existing improvements at 240 Fall St.
• The acquisition and construction of the new facility to be used by Goulds for pump manufacturing and assembly and related improvements and infrastructure.
• The acquisition and installation of certain equipment and other tangible property in and around the improvements.
• The IDA would acquire title to, or a leasehold interest in, the facility and equipment and lease it back to Goulds. The company would operate the facility during the term of the lease. At the end of the lease term, the company would purchase the facility from the IDA or the leaseholder interest would be terminated.
• The IDA would provide a sales and use tax exemption for material purchases made for the facility.
• The IDA would provide a mortgage recording tax exemption.
• The IDA would negotiate a Payment In Lieu Of Taxes (PILOT) agreement to provide property tax relief for a period of time.
A member of the IDA staff will be at the hearing to present a copy of the Goulds project application and hear and accept all written and oral comments in support or opposition to the financial assistance proposal.
The IDA board is scheduled to meet Oct. 25 to vote on the incentive plan.