Airosmith Inc., a provider of wireless network support services based in Saratoga Springs, received funding from the Saratoga County IDA to help retain and grow its corporate headquarters.
The Saratoga Economic Development Corporation (SEDC) led an incentive application that went before the IDA in September.
The company’s services include site acquisition, radio frequency development and field support, systems installation, and trouble shooting and maintenance. It serves wireless service providers, utility service providers, tower companies, OEMs, and system integrators in the Northeast region and across the United States.
SEDC presented a package seeking payment-in-lieu-of-taxes (PILOT) incentive, sales and mortgage tax abatement for retaining 51 jobs averaging $80,509/year and adding nine new full-time jobs in the next three years, according to the application.
The combined incentive value is $411,352. The PILOT agreement is valued at $283,452 over 10 years. Sales tax abatement on the construction materials is valued at $109,900, with the mortgage recording tax waiver totaling $18,000.
“We are excited to be experiencing significant growth and have the support to stay in Saratoga Springs,” said Margaret Smith, CEO of Airosmith, Inc. “The opportunity to expand and grow our workforce here is enhanced by having community-based partners like SEDC, its members and the IDA navigate expansion costs. We look forward to and appreciate the community support for our business, job and wage expansion continuing here.”
The project construction is expected to begin April 2019. Facility improvements are being led by Bonacio Construction Inc. of Saratoga Springs.
Airosmith’s $3 million investment in Saratoga Springs at 318 West Ave. will support acquisition, construction and fit-up of their expanded 7,000-square-foot corporate headquarters, plus 3,000 square feet of corporate accommodations. Combined it will aid their workforce attraction, retention, corporate administration, growth and training of employees, SEDC said.
“We are always thrilled to see homegrown companies continue to do well and have the opportunity to support their growth locally,” said Dennis Brobston, SEDC president. “Businesses like Airosmith support strong wages and benefits that boost household economic stability and keep our communities strong.
“We have made it a priority to attract and retain decision-makers like the leaders at Airosmith locally to continue innovating and investing here. This is a great example of the results of supporting local businesses growth so that as their needs change, they consider making investments to expand their workforce and facilities locally.”
The project continues progress toward SEDC’s Advance Saratoga five-year initiative to build area investment, job creation and wages through 2020. Among its goals is promoting the area as a home base for corporate headquarters. Airosmith adds to other recent successes like Arnoff Global Logistics, SKS Bottle & Packaging and Kitware corporate headquarters expansions in Saratoga County.
SEDC is a fully private, investor-led, nonprofit consulting firm established in 1978 that works to retain existing businesses, while stimulating new investment to create more jobs in Saratoga County and the Capital Region.
Celebrating 40 years, SEDC continues to work with nearly 300 employers. Projects like Ball Metal Container, QUAD/Graphics, AgroChem, PeroxyChem, Greenfield Manufacturing State Farm Insurance, Target and Ace Hardware distribution warehouses and the development of the Luther Forest Technology Campus (LFTC), which lead to the attraction of GlobalFoundries, are among its successes.
According to SEDC, it has worked to bring over 17,500 jobs to Saratoga County and over $15 billion in capital investment. Since 2014, SEDC helped to stimulate over $2.5 billion of new investment, creating and retaining over 1,700 area jobs, and generating over $47 million in local employee wages per year.
In 2017, SEDC launched SPARK Saratoga, the county’s only entrepreneur business incubator and early stage company accelerator supported by established, skilled professional mentors and regional academic institutions with global networks of resources and investors.
It is currently supporting over 40 project companies on their paths to business growth. In 2018, SEDC launched its Electronic Design & Innovation Initiative (EDI2 – pronounced “EDI Squared”) to promote advance electronic and integrated circuit (semiconductor chip) design, accelerated commercialization and workforce development.