Approval of tax breaks for the first tech company inside Vista Technology Campus could take place this week, as the Bethlehem IDA meets Friday, Feb. 27.
Monolith Solar and SAE Sun and Earth Energy Inc. are seeking a Payment in Lieu of Taxes agreement from BIDA to move its headquarters for Rensselaer to Slingerlands. The two companies are seeking about $680,000 in tax exemptions, which would only incorporate about four acres the new building would sit on.
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.
Tax breaks are no longer being sought for the additional acres needed for the solar farm. The $4.9 million project is expected to retain 49 jobs, with the possibility of creating 76 additional jobs within the next five years.
Although the project is still on the agenda for this week’s BIDA meeting, questions still remain if the project can move forward given a new state regulation ruling that could hurt the profitability of solar companies. Enforcement of the ruling could harm Monolith’s customer-base and its ability to expand.
For more on this subject, check back with next week’s edition of The Spotlight.
