EDA proposes incentives to assist Takeform with expansion
MEDINA – There will be a public hearing on Dec. 9 for proposed incentives to assist with an expansion at Takeform Architectural Graphics at 11601 Maple Ridge Rd.
The company is planning a 15,500-square-foot expansion to an existing 30,000-plus-square-foot building as well as the acquisition and installment of machinery, equipment, fixtures and furnishings.
The additional space and equipment will be used for the design and manufacture of custom signage and graphics and related activities. Village officials say Takeform expects to add 50 jobs over three years as part of its growth.
The Orleans Economic Development Agency is considering three incentives to help the company with the expansion.
One incentive includes a sales tax exemption, saving Takeform the 8 percent sales tax on up to $1,350,000 for building materials, equipment, machinery, fixtures and furnishings. That exemption would save Takeform up to $108,000.
The EDA also is proposing a mortgage tax exemption for a mortgage up to $2.5 million. Exempting Takeform from the 1 percent mortgage tax will save the company up to $25,000.
The EDA also plans to propose a 10-year tax exemption plan on property taxes for the addition. The company wouldn’t have to pay property taxes the first year for the addition and then would pay 10 percent of the assessed value the second year, with another 10 percent added annually until it’s at full value after 10 years. Takeform would continue to pay the full value for the current building during the 10-year plan.
The exemption only includes the addition and includes the taxing jurisdictions of the Village of Medina, Town of Shelby, Medina Central School and Orleans County.
The 3 p.m. hearing on Dec. 9 will be at the Village of Medina Offices, 600 Main St. (Old City Hall).