Company wants tax breaks on former GE facility
JIM KINNEY, The Saratogian
12/12/2006
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WATERFORD -- The new owners of the former General Electric Silicones plant want to make the plant part of the county's Empire Zone so it can get some tax breaks.
Momentive Performance Materials, which is the name new owner Apollo Management gave the facility last week, could be eligible for state-funded breaks on property, sales and wage taxes, as well as reduced utility rates, said Shelby Schneider, the county's Empire Zone specialist. But the company would only be able to make use of the benefits if it expands, Schneider said during a presentation to the Saratoga County Economic Development Committee Monday.
'Anything we can do to help them stay competitive,' said Schneider, who works for Saratoga Economic Development Corp.
The firm has 900 employees at the 800-acre site on routes 4 and 32. She said Momentive's management plans to add 50 employees in five years.
'They'll have to replace a lot of the support services they'd been getting from GE,' she said. 'They hope to add some manufacturing, too.'
Waterford Supervisor John Lawler said a majority of the firm's employees live in Saratoga County.
The committee voted in favor of adding the firm to the Empire Zone program. The matter goes to the Law and Finance Committee on Wednesday and the full Board of Supervisors on Dec. 19.
The state also must sign off before Momentive can receive the benefits.
'We've already gotten preliminary approval from the state,' Schneider said.
Saratoga County has had an Empire Zone since 2001.
©The Saratogian 2006
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