For Immediate Release
August 2, 2007
For More Information:
Contact: Stephen Kimball
607-273-0005
stephenk@tcad.org
Ithaca, NY, On Friday August 3 Plastisol will go before Tompkins County's Industrail Development Agency to present plans for the development of a Groton-based business. With the assistance of the IDA, Plastisol plans the construction of a 17,250 sq. ft. steel building for the construction and assembly of composite Fire Truck bodies in the Village of Groton. The project has received strong support from community leaders in Groton. As always, the Groton leaders are a pleasure for TCAD to work with. In addition, this project is nicely aligned with TCAD's job creation strategy of helping companies that create good jobs with good benefits at companies that utilize new technology in their product, working with management committed to the region. TCAD met with the company at an early stage to discuss and recommend incentives that could help them achieve their goals. A very strong element of Plastisol is that there is a significant opportunity for expansion, not only of Plastisol, but also from suppliers moving to the area. Another exciting aspect is that this project confirms TCAD's assumption that Tompkins County can attract outside investment, in this case, from Europe.
The effort to create the Plastisol business in Groton has been a very collaborative effort bringing together the leaders of Groton, TCAD, and the County's IDA. This collaboration, in addition to Groton's low-cost power and the Tompkins County's skilled workforce, has created a win-win situation for Plastisol and the region.
The estimated value of IDA benefits is approximately $182,000. For this investment, the community will receive in return about $121,000 in new property taxes over the next 7 years and 27 new, high paying jobs over the next 3 years. The IDA review process includes a public hearing that will be held in the Village of Groton. The project may be ready to be considered for final approval at the IDA's September 7th meeting.
TCAD is the community's economic development agency. It provides management and administrative support to the IDA, which is a separate organization. More information on the positive historical impacts can be obtained from TCAD.
Additional contacts for the article:
Alan Saulsbury, Platisol, 607-753-3702
Michael Stamm, TCAD, 607-273-0005
Gary Watrous, First National Bank of Groton, 607-898-5871
Dennis Toolan, Mayor of Groton, 607-898-3966
About TCAD
Tompkins County Area Development, Inc. (TCAD) is a private, not-for-profit organization founded in 1964 that provides the Ithaca area with innovative services to strengthen the economy. TCAD is dedicated to building a thriving and sustainable economy that improves the quality of life in Tompkins County by fostering the growth of business and employment. While working with business, not for-profit, higher education, and public sector organizations, we fulfill our mission by assisting in the formation, retention, expansion, and attraction of target businesses. As the community's lead economic development agency, TCAD offers financial assistance, technical assistance and real estate development services. TCAD is responsible for creating and implementing the comprehensive economic development strategy for the county that provides leadership to create a supportive economic environment. In addition, TCAD manages both Tompkins County's Industrial Development Agency (IDA) and Empire Zones Program.
About The Tompkins County Industrial Development Agency (IDA)
The primary mission of the Tompkins County Industrial Development Agency is to offer economic incentives to the Tompkins County businesses in order to create and retain quality employment opportunities and strengthen the local tax base. The IDA targets the industrial sector and will only consider other sectors if certain criteria are met.