Takeform looks to add 50 employees over 5 years
MEDINA – A Medina company working on an expansion at its manufacturing site on Maple Ridge Road is planning to add 50 workers over five years, said James Whipple, CEO of the Orleans Economic Development Agency.
Takeform Architectural Graphics expects 40 of those new employees to be hired within three years, Whipple said.
The EDA held a public hearing on Tuesday afternoon for incentives offered to Takeform as part of a 15,500-square-foot expansion to an existing 30,000-plus-square-foot building.
Only Whipple and the Orleans Hub editor were at the hearing. Whipple took that as a sign no one opposes the incentives for the project.
Takeform wants the additional space and equipment so the company can grow its business – the design and manufacture of custom signage and graphics and related activities.
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 a decade. 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 property tax savings plan will be in more detail Friday when the Orleans EDA board of directors meets at 8 a.m. at 121 North Main St., Albion. The board will vote on the incentives on Friday.