By Ryan Van Amburgh | Economic Development Specialist, Saratoga Economic Development
The best way to predict the future is to create it.
Saratoga Economic Development Corporation (SEDC) is leading an incentive application to the Saratoga County IDA to boost Arnoff Moving & Storage, Inc.’s (Arnoff) new $4.7 million expansion expected to add 20 full time jobs within three years. This comes on the heels of Arnoff working with SEDC in 2016 and 2017 on its initial site acquisition, investment and incentives to relocate to Malta. That investment has already produced 73 full time jobs and is on pace to add 34 more per its original agreement with the Saratoga County IDA. This newest expansion will add 43,780 square feet of additional warehouse space and a 7,672 square foot truck maintenance operation. Each of these new planned uses will create 10 new full time jobs.
“We are focused on helping attract and retain companies that will spark new workforce opportunities to continue advancing Saratoga,” said Dennis Brobston, President, SEDC. “As we recently read in independent reports, Saratoga County has attracted the most investment and continues to outpace most of New York State in business opportunities that support our quality of life. We have been pleased to work with Arnoff to attract them here originally, and look forward to continuing to retain and grow businesses in Saratoga County. With Malta so strategically positioned in the capital region, we have been pleased to work alongside other stakeholders with its town leaders to see their planning and zoning improvements deliver certainty that can attract commercial investment to grow the tax base and job options.”
The application submitted by SEDC on behalf of Arnoff to the Saratoga County IDA calls for $788k of incentives for the nearly $4.7 million of private investment and 20 new jobs:
– $559,474 over 10 years in local property and school tax savings
– Sales Tax Abatement on materials for the new expansion – Estimated savings – $203,000
– Mortgage Tax Abatement on the new financing – Estimated savings – $25,316
The Saratoga County IDA reviewed the incentive application and will hold a public hearing September 11th at the Town of Malta. SEDC will continue working with Arnoff to advance it toward final approval pending project design, approvals and private financing.