A collaborative effort among MJ Properties, Fairchild Square LLC and the Clifton Park IDA and Saratoga Economic Development Corporation (SEDC) has helped win over $394,000 of local incentives to boost $3.23 million in new private investment in Clifton Park.
The investments are expected to attract 27 new jobs and retain seven area jobs over the next three years, according to SEDC.
“As part of attracting and retaining talent and businesses to grow jobs, Saratoga needs an inventory of competitive spaces,” the agency said in a statement.
SEDC said $2.3 million of private investment will deliver a 25,000-square-foot new spec building to be programmed for future warehouse or office space projected to stimulate 15 new jobs within three years. Another $950,000 of private investment will deliver a 7,500-square-foot building that will be the new home of MJ Properties, retaining seven local jobs.
The other half of the building will be available for lease and is projected by SEDC to attract 12 new jobs within three years. Construction of the buildings will start in January at 8 and 12 Fairchild Square, Clifton Park.
“Building capacity to attract and retain employers and local jobs is critical to our Advance Saratoga initiative to grow investment, jobs and wages,” said Dennis Brobston, SEDC president. “We are grateful for local business leaders like MJ Properties for their continued faith investing in our marketplace, and for the Clifton Park IDA for helping make these developments competitive for lease by employers.
“ When speaking with community leaders and our member investors, I always emphasize our ability to promote, retain and grow opportunity relies on the capacity we can stimulate the private sector to create in truly job-ready locations to house growing businesses.”
SEDC took the application to the Clifton Park IDA in November. Payment-in-lieu-of-taxes (PILOT) agreements and other incentives for the two projects include:
• A 10-year PILOT valued at $237,445 for the 25,000 sf building and $2.3 million investment that will create 15 new jobs within three years.
• Sales tax abatement against materials purchased for the project for an estimated savings of $114,100
• Mortgage tax abatement for filings to the county for an estimated savings of $17,400
• A 10-year PILOT valued at $75,855 for the 7,500-square-foot building and $950,000 investment that will retain seven jobs and attract 12 new jobs within three years.
“We are thankful for the help of SEDC and Dennis Brobston,” said MJ Properties and Fairchild Square President Mark Rekucki. “It’s a pleasure collaborating to keep prompting new business opportunities in Saratoga County. We are confident in their proven ability to execute on projects, support needed incentives and to stay engaged helping attract businesses to the area.”