Press Release: ECIDA Board approves tax incentives for second Unifrax project
ECIDA Board approves tax incentives for second Unifrax project
$1.2 million in tax incentives will generate $18 million in investment
Buffalo, NY— The Erie County Industrial Development Agency approved tax abatements Wednesday for a second project proposed by insulation material manufacturer Unifrax.
The Board unanimously approved $978,580 in real property tax savings and $230,000 in sales tax savings for an $18 million new plant at its Tonawanda campus. This is the second multi-million dollar Unifrax project to be announced in the past forty-five days.
The new plant will manufacture a polycrystalline fiber product that is currently produced in Japan. When demand for the product increased, Unifrax considered expanding its Japanese facility but instead chose to build the new plant in Tonawanda.
The project will create twenty-five permanent new jobs with a projected annual payroll of $1,262,075, and twenty-six construction jobs with a projected annual payroll of $1,345,136.
"It's important to consider the company's investment in payroll, not just the number of jobs created, when evaluating economic development incentives," said ECIDA CFO Andrew Schoeppich. "The twenty-five permanent jobs will create a projected $12.6 million in payroll during the ten-year incentive period. A $1.2 million business investment incentive is generating $18 million in capital investment, $12.6 million in payroll over ten years that will be spent by its workers in this community, and millions in payroll taxes," Schoeppich added.
In August, Unifrax was unanimously approved for $1.3 million in tax savings for a
$33 million project. In that proposal, Unifrax plans to purchase buildings that it currently leases, and expand its facility to connect its current manufacturing plant with its warehouse, and purchase and install equipment. The project is expected to create twenty-five jobs, retain ninety-five jobs, and create twenty-three construction jobs.
The ECIDA also announced the issuing of a request for proposal for the property located at 3445 River Road in Tonawanda. The formerly abandoned parcel was the site of an industrial fire in the 1980s, and had since been classified a Class 2 Superfund site and remediated by the New York State Department of Environmental Conservation to an upgraded Class 4 designation.
The property was foreclosed on by Erie County, and titled to the ECIDA so the abandoned buildings standing on the grounds could be demolished and the acreage cleared and excavated for a future build.
The new RFP issued announced that the property is now ready for sale, and the ECIDA is accepting bids. The RFP is available here.