SYRACUSE, N.Y. — The Syracuse Common Council unanimously approved a property tax deal that will allow alarm-monitoring company Rapid Response to complete an $11.3 million expansion to its operations.
In a 7-0 vote, the council granted a payment-in-lieu-of-taxes (PILOT) agreement that will allow Rapid Response to construct a 20,000-square-foot facility nearby the company’s current offices, reports The Post Standard.
Last month, the Syracuse Industrial Development Agency (SIDA) approved a PILOT agreement that will save Rapid Response an estimated $738,000 in property taxes over 10 years. SIDA also exempted the company from sales tax on construction materials, which would likely save the firm $500,000.
To move forward with the two-year project, Rapid Response must secure a financial assistance package from the state.