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ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY AIDS DEPEW PARTS MANUFACTURER WITH TAX ABATEMENTS TO SUPPORT A $575,000 EXPANSION EFFORT

 

ERIE COUNTY INDUSTRIAL DEVELOPMENT AGENCY AIDS DEPEW PARTS MANUFACTURER WITH TAX ABATEMENTS TO SUPPORT A $575,000 EXPANSION EFFORT

 

ECIDA also Reaps Financial Benefits from Sale of Remaining

Synacor, Inc. Stock

Buffalo, NY - The Erie County Industrial Development Agency today approved $89,220 in property, sales and mortgage recording tax incentives to assist Serafin Properties, LLC/QMC Technologies with a $575,000 expansion.

 

QMC, located at 4388 Broadway, in Depew, plans to build a new 8,450 square foot assembly and storage facility and add 1,350 square feet of manufacturing and quality control space. The company is currently housed in a 15,000 square foot plant owned by Serafin Properties.

 

The expansion will expand QMC's workforce from 20 to 23 full-time employees.

QMC Technologies, Inc. began in 1976 as a machine shop providing high precision short run machining services for local industry in Western New York.  Each year QMC has expanded and increased its presence in the marketplace.

QMC has focused its efforts and is concentrating on precision contract manufacturing in specific markets. Stainless steel fittings, custom stainless machining and stainless steel hitch balls are major areas of concentration.

Over 90 percent of QMC's customers are now located outside of New York State, and include international customers in Mexico, South America and Africa.

The ECIDA board also received an update on the sell-off of its Synacor, Inc. stock holdings.  The agency, which acquired more than 500,000 shares of Synacor stock between 2003 and 2007 to assist the company's growth, began selling its shares in September and sold its remaining stock holdings on October 15.

"Our $420,000 investment has reaped significant financial rewards for the agency which we expect will flow back out to other early-stage, high-growth companies, while helping to commercialize that critical economic sector across Erie County," said Al Culliton, the ECIDA's chief operating officer.

The ECIDA's Synacor stock sale has netted it a total of $4,078,222.

Also today, in the wake of Hurricane Sandy,  the Regional Development Corporation, the lending arm of the ECIDA, approved a new category of loans for Erie County businesses impacted by disasters.  The Disaster Relief Fund, which will have the ability to disburse up to $2 million annually, will aid local companies impacted either directly or indirectly by natural or other disasters.

The goal is to assist businesses which do not qualify for federal Small Business Administration loans when disasters here or elsewhere disrupt their supply chain or wipe out key customers. The loans would be tied to officially declared disasters and range in amounts from $5,000, up to $250,000.