$142 Million Project Proposed in Pembroke to Construct 1.5 Million SQ FT of New Facilities
Posted by admin at 8:00 AM on Jan 9, 2023
PEMBROKE, NY – The Genesee County Economic Development Center will consider a project with the fifth largest proposed capital investment in Genesee County history at its January 12, 2023 meeting.
Horizon Acres Associates, LLC., based in Rockland County, partnering with Geis Companies, based in Streetsboro Ohio, is proposing to invest $142 million to build six flex commercial/industrial facilities totaling 1.5 million square feet in the Town of Pembroke. The project would be located on 115 acres immediately off the 48-A interchange on the New York State Thruway and is positioned to support project companies locating at the Science & Technology Advanced Manufacturing Park (STAMP) as well as other nearby locations.
“This historic economic development investment in Genesee County, similar to the major investments made by Edwards Vacuum and Plug Power in just the last couple of years, demonstrates our community’s high capacity for private sector growth,” said GCEDC President and CEO Steve Hyde. “It’s no coincidence that this type of investment is being considered here as a result of continuing growth at STAMP and our central location between Buffalo and Rochester.”
The company plans to start construction in 4th quarter of 2023 with the goal of having one to two buildings totaling 560,000 square feet being operational in late 2024. The facilities will be suitable for a large single tenant, multiple smaller tenants, or suppliers for advanced manufacturing projects. The development is estimated to create up to 400 new jobs at full build-out.
Horizon Acres Associates, LLC is requesting a sales tax exemption estimated at $6.2 million, a property tax abatement estimated at $11.9 million and a mortgage tax exemption estimated at $1.1 million. The project is projected to generate $7.9 million in PILOT revenues to municipalities during the proposed 10-year project agreement, which is estimated at 39.5 times the municipal revenue that would be generated under the property’s current use.
The GCEDC’s economic analysis of the project estimates a $227 million impact, including $218 million in payroll and $9.1 million in revenues to the Town of Pembroke, the Pembroke Central School District and Genesee County. For every $1 of public benefit the project is projected to generate $16 into the local economy.
The project ranks only behind Plug Power (2021), Edwards Vacuum (2023), HP Hood (2017), and Project Dairy (2012) for largest capital investments by commercial/industrial projects in Genesee County history.
If the project application is accepted, a public hearing will be scheduled on the proposed project agreements in the town of Pembroke.