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Tuesday, January 9, 2018

Amended PILOT for Special Metals...


NOTICE IS HEREBY GIVEN that a public hearing pursuant to Article 18-A of the New York State General Municipal Law, will be held by the Oneida County Industrial Development Agency (the “Agency”) on the 24th day of January 2018 at 9:00 a.m., local time, at Butler Hall, 48 Genesee Street, New Hartford, New York in connection with the following matters:

Special Metals Corporation, on behalf of itself and/or the principals of Special Metals Corporation, and/or an entity formed or to be formed on behalf of any of the foregoing (collectively, the “Company”) has applied to the Agency to enter into a transaction in which the Agency will assist in office renovations and upgrades within a complex of industrial buildings totaling 351,700± square feet in the aggregate (the “Improvements”), all situated on a 124.5± acre parcel of land located at 2317 Middle Settlement Road, Town of New Hartford, Oneida County, New York (the “Land”), and acquisition and installation of equipment in the Improvements (the “Equipment”), all to be used for the purpose of manufacturing nickel-based super alloys for both static and rotating aerospace and land-based gas turbine applications (the Land, the Improvements and the Equipment referred to collectively as the “Facility” and the renovation and equipping of the Improvements is referred to as the “Project”). The Facility will be initially operated and/or managed by the Company. [ read more]

According to the December 8, 2017 agenda of the Oneida County Industrial Development Agency:
Consider an amended inducement resolution relating to the Special Metals Corporation facility, amending the abatement of real property tax exemption and authorizing the Agency to conduct a new public hearing. The Company submitted a letter to the Agency requesting amended PILOT assistance, which is a deviation from the Agency’s Uniform Tax Exemption Policy.
This will not only affect the property taxes collected each year of the PILOT, but will also impact the sales tax revenue received from the county because the assessed value of property with a PILOT is excluded from the total assessed value of the town used to calculate the town's share of sales tax each quarter.

Interested persons should plan to attend the meeting on January 24th.

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