A proposal to give tax breaks to the first tech company within Slingerlands’ Vista Technology Campus was met with encouragement last week by residents and town officials.
A public hearing on the project was held by the town’s Industrial Development Agency on Wednesday, Jan. 14. Only a handful of people attended the meeting, but no one who spoke was opposed to giving tax breaks to SAE Sun and Earth Energy Inc. and Monolith Solar.
“Three years ago when we were first in negotiation to go into the Vista Technology Park … we were looking at the demographics, and the demographics themselves didn’t say this was a stellar proposal to go into,” said Charles Grizzaffi, co-owner of Garden Bistro 24 with his son John. “However, the growth potential that was presented to us by Columbia, in concert with the IDA, said it had potential and was strategically an important place.”
Grizzaffi said business has been good, but they have been waiting two years for a tech business to enter the park. “I don’t know what your definition of a technology job is, but having a lot of experience in the semi-conductor industry, I can vouch that I think Monolith is a great candidate for this to consider.”
Bethlehem Town Supervisor John Clarkson, Planning Director Rob Leslie, Chamber of Commerce President Jennifer Kilcoyne and a representative from local Glenmont Union all spoke in favor of the project.
Since the last IDA meeting, SAE Sun made a few changes to its application with the IDA. Some of the main changes were to officially name Monolith Solar on the lease and to reduce the amount sought in sales tax incentives. The applicant is now seeking about $680,000 in tax exemptions, since they submitted a new site plan to only include about four acres of land the building would sit on, and not the solar field.
It was announced at a media event in October that Monolith Solar would be moving its headquarters from Rensselaer to Vista. The project includes a 16,000-square-foot administration building, a 10,000-square-foot building for warehouse and manufacturing and an additional solar farm to potentially provide energy to Vista’s other tenants.
Along with any tax breaks sought by Monolith Solar and Columbia Development, Empire State Development is providing the company with a $400,000 grant and $400,000 in performance-based tax credits from Excelsior Jobs Program. These incentives are tied directly to job creation and investment commitments. The new building and expansion will be known as 85 Columbia. The $4.9 million project is expected to retain 49 jobs, with the possibility of creating 76 additional jobs within the next five years.
At a special meeting following the public hearing, IDA board members agreed the project met state and town standards to receive advanced payment in lieu of taxes agreement. Board member Joe Richardson looked at the financial statements for the two companies, and confirmed capital was in place for the project. However, the board opted to hold approval until after the town’s Planning Board’s review.
A vote by the IDA is expected in February.
