Submitted by Howard B. Owens on March 13, 2012 - 5:18pm
PepsiCo and the Theo Muller Group -- partnering on Project Wave in Batavia -- will receive more than $11 million in tax relief for the planned yogurt plant in the Genesee Valley Agri-Business Park.
The incentive package was approved by the Genesee County Economic Development Center Board on Monday.
The PILOT on the project -- relief from taxes on the increased value of the assessment -- is 100 percent for the first six years and 50 percent in years seven through 10.
The total PILOT abatement is estimated at $5.6 million over 10 years.
The companies will also receive $5.4 million in sales tax abatement on materials and supplies for construction of the facility.
The project will add 186 new jobs to the local economy, and early planning for the plant projected as many as 600 jobs by 2033.
Wave Holding, LLC (the company formed by Pepsi and Muller for the project) will spend $206 million on construction of a 363,000-square-foot facility.
Construction on the project began in November.
The agreement calls for the first 186 jobs to be filled within three years of Wave Holding receiving a certificate of occupancy.
GCEDC competed with shovel-ready sites in Avon and Pennsylvania.
According to a GCEDC press release, for every $1 invested by Waving Holding the local economy will benefit by $14.47.