$17 million worth of incentives proposed for company at STAMP
ALABAMA – The Genesee County Economic Development Center is proposing $17 million in property tax and sales tax breaks for Edwards Vacuum.
That company is part of the Atlas Copco Group. The exemptions are for the first phase of the Edwards Vacuum’s $209 million semiconductor dry pump manufacturing facility at the Science Technology and Advanced Manufacturing Park (STAMP) in the Town of Alabama.
The GCEDC board of directors will consider the exemptions during a meeting on Thursday. Edwards Vacuum’s facility will potentially serve the semiconductor industry and advanced manufacturing sectors and create approximately 343 new high-paying jobs, GCEDC said.
The facility is projected to generate more than $13.4 million in future revenues to the Town of Alabama, Genesee County, Oakfield-Alabama School District, and the Alabama Fire Department over 20 years.
The project is estimated to generate $644 million in payroll and projected future municipal revenues, and a $39 benefit to the local economy for every $1 of public investment, GCEDC said.
