SYRACUSE, N.Y. — After receiving preliminary approval for a 10-year property tax break, Rapid Response is gearing up to complete an $11.3 million expansion to its operations, reports The Post-Standard.
As part of the venture, Rapid Response plans to buy and renovate the 37,500-square-foot building it currently leases and construct a 20,000-square-foot facility nearby. The company, which currently has 325 employees, would add up to 200 jobs that pay an average of $16 an hour.
The Syracuse Industrial Development Agency (SIDA) approved the payment-in-lieu-of-taxes (PILOT) agreement, which would save the company roughly $738,000 over 10 years. SIDA also approved an exemption from sales tax on construction, expected to save Rapid Response $500,000.
However, before Rapid Response dives into its plans, the city council must approve the PILOT. The firm must also secure financial assistance from Empire State Development (ESD). Rapid Response submitted a consolidated funding application to the Central New York Regional Economic Development Council, which recommends projects for state funding, now awaits an October announcement stating whether it has procured the funds.
Rapid Response has not released a start date for the two-year project.
