Bethlehem’s Vista Technology Campus may soon have its first technology tenant.
The town’s Industrial Development Agency is in discussions with Breonics Inc., an Albany company specializing in organ regeneration research that is interested in leasing space within a new building proposed for a now undeveloped portion of the campus. Breonics is considering the move because the lease at their current location in the state’s Harriman Research Center is ending.
“I think that’s really good news for the town because this is what Vista Tech Campus was designed to do: house tech companies while providing jobs and tax revenue to the area,” said IDA Chairman Frank Venezia.
Breonics would occupy part of a 27,000-square-foot building on a plot behind the Shoprite grocery store. The company would occupy about 6,000 square feet of the building and is expected to bring 44 new jobs to the area, mostly lab technicians. Representatives have also told the town the company they may expand within the next couple of years.
Breonics Chairman Ernie Green said the company’s current home is owned by the state’s Office of General Services. Because of statewide consolidation efforts, all of the tenants within the Harriman Research Center will have until August to relocate, he said. Officials expect construction at Vista to begin soon after the project is approved because of the timeline.
“We’re looking for a place we can retrofit going forward, so we thought an entirely new building would be better,” Green said. “We have to reconstruct a new work area and clean room and this way we’ll have something more suited to our needs.”
The biomedical research and development company now has 10 employees but plans to expand with the move. They are waiting on several grants and some possible financing and will soon go forward with a new clinical trial involving the regeneration of kidney tissue for transplant patients.
Bethlehem Director of Economic Development and Planning Mike Morelli said for now the building is planned as a one-story structure, but there is the possibility it could be changed to a two-story building to help reduce the site’s carbon footprint.
Developer Joe Nicolla of Columbia Development Companies is seeking an enhanced property tax abatement for Breonics, as well as sales tax and mortgage tax relief. The enhanced abatement would mean the town would see no property taxes from the tenants for two years, then property tax rates would increase by 10 percent over the next 10 years.
“I think the tax rate is appropriate for their type of business,” said Bethlehem Supervisor John Clarkson. “Success tends to begat success. This means new revenues both for the town and school district. If Vista pops, people will say it was a wise move to take the chance.”
Clarkson did say he would like tax abatement agreements to be more transparent for residents.
Venezia said he continues to believe the IDA made the right choice in giving tax abatements to the campus’s first few retail tenants, such as Shoprite, Berkshire Bank and SEFCU. He said the attraction of a tech company is proof that was the right decision.
“We knew no one would come to an empty park and now, two years later, it’s finally happening,” said Venezia.
Another tech company is also in talks with the town to occupy an additional portion of the building, according to Morelli. He declined to name the company because negotiations are ongoing.
The IDA has set a public hearing on the project at Bethlehem Town Hall on Tuesday, March 19, at 5 p.m. A short presentation by the town and the developer will take place beforehand.
Venezia said any decisions on whether the project will go forward or not will take place at the IDA’s regularly scheduled meeting on Friday, March 22, at 8 a.m.