O.C.I.D.A Approves Tax Break For NextGen

The Onondaga County Industrial Development Agency has unanimously approved $3.1 million dollars in tax breaks for NextGen Power Systems, a semiconductor manufacturing business. 

The payment in-lieu-of-taxes agreement was passed by a vote of 5 - 0. NexGen will be located in the building built by the State of New York. 

That building, located at 50 Collamer Crossing Parkway, was originally built to be the home of a Soraa, a California based LED lighting manufacturer but they pulled out. The 82,000 square foot building cost almost 90 million to build and has sat empty for months. 

OCIDA also approved an exemption, worth $40,000, from sales taxes on construction materials and furnishings. NextGen had already received  a commitment from New York State for 15 million to purchase equipment. The factory was originally to hold a California Based LED lighting manufacturer, but that company pulled out. NextGen claims they will employ 290 people in high-paying jobs. There is a "recapture" provision in the agreement that indicates NexGen would have to pay back all or a portion of its tax savings if it does not meet its job commitments. 

Sponsored Content

Sponsored Content