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iSpice Expected to Receive PILOT Agreement From IDA/BDC – 10 Year Agreement

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There will be a public hearing on Wednesday, November 1st at 40-42 Main Street in the City of Cortland beginning at 4:30pm regarding iSpice property on the city’s east side.


The hearing will be for a Payment in Lieu of Taxes (PILOT) agreement with iSpice that the Cortland County Industrial Development Agency (IDA) and Business Development Agency (BDC) has put together. The proposed PILOT agreement will be a 40% reduction, compared to a maximum the company may receive, which is 65%.

Mayor Scott Steve said the agreement would be good for 10 years and would require iSpice to have a minimum of 300 employees at the location. He continued on saying he expects production at the plant to begin at the end of this year.

The IDA says the agency has been in negotiations with iSpice since April of this year. iSpice plans to invest at least $25 million dollars into the facility. The plant will have up to 50 production lines once all work is completed. The company also says it will have 350 employees at the facility over the next 5 years.

“The IDA Board of Directors is presently conducting its due diligence and is reviewing the proposed incentives as it does for all projects that seek similar incentives. The upcoming public hearing is part of that fact gathering process. The IDA board will review all comments and information it receives at the public hearing on November 1st after which it will consider action on the proposed incentive package.” The IDA said in a release to X101 News.

 

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