WATERLOO — A Fayette manufacturer of organic grain for livestock and a Lodi-based solar project will receive financial assistance from the Seneca County Industrial Development Agency.
The IDA Board of Directors approved packages for Keystone Mills LLC and NY Lodi I LLC Thursday. Each consists of payment-in-lieu-of-taxes agreements, along with exemptions from paying sales and mortgage recording taxes.
Keystone is planning a major expansion of its operations, including the purchase of additional land for a new building. The project will increase employment.
A cost-benefits analysis of the proposed aid shows there would be $44 in benefits for every $1 in cost associated with the incentives.
The NY Lodi I project has a cost-benefit ratio of 1-to-1.
In other action:
• The nominating committee proposed a 2022 slate of officers. Current chairman Steve Brusso of Waterloo is proposed for another year as chairman and treasurer, while Bruce Murray of Lodi was picked for vice chairman and secretary.
• The IDA’s nine-member board has a vacancy. IDA Executive Director Sarah Davis said the board will discuss filling the vacancy with the county Board of Supervisors in January.
• The IDA has identified three potential sites for a new industrial park. Those sites are the subject of feasibility studies. Davis said the plan is for the board to decide which site should be pursued at the IDA’s Dec. 2 board meeting.