Governor George Pataki announced the approval of the revisions of the boundaries of the Newburgh/Stewart (International Airport) Empire Zone on Friday, March 15. The changes will allow the state to offer 20 businesses a variety of state incentives in return for the promise by these firms to retain 400 jobs and create more than 600 new jobs.
Some of the businesses that will benefit from the revisions to the Newburgh/Stewart Empire Zone include: Staples, The Office Superstore, East, Inc., which plans to invest $40 million and create 489 new jobs; LSI Lightron, which plans to invest $18 million and create 50 new jobs; L&L Manufacturing, which plans to invest $2.2 million and create 75 new jobs and Breonics Inc., which plans to invest over $1 million and create 50 new jobs.
Staples, back in September 2000, purchased the former Service Merchandise distribution facility in Montgomery. The Boston-based office supply chain purchased the 760,000-sf property in a bid held in conjunction with Service Merchandise's bankruptcy filing and is in the midst of transforming the facility into its Northeast distribution site.
"Our tax-free Empire Zones are one of New York's most powerful and effective tools to fuel additional economic growth and new job creation," Governor Pataki says. "These smart revisions to the existing Empire Zone boundaries will clear the way for new private sector investment, economic growth and more job opportunities for the people of Orange County."
The Empire Zone program was enhanced last year toprovide businesses that create new jobs in the zones with additional incentives. Some of the benefits firms will now enjoy include a credit for property taxes paid, a sales-tax exemption on the purchase of property or services used by the business and a tax credit for business taxes paid.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
