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Lockport IDA approves tax breaks for three firms

LOCKPORT – The town Industrial Development Agency last week approved 15-year tax breaks for three companies: Gooding Co., Moley Magnetics and Lacey Heavy Equipment.

The break for Gooding, a Davison Road printing company, is a scaled-back version of an expansion plan that the IDA approved in 2013. The company plans to construct a 10,000-square-foot addition to its plant and add at least six new jobs to its current 38. The project will cost $910,000 and the payment-in-lieu-of-taxes agreement, or PILOT, will save the firm an estimated $163,000.

Moley Magnetics, located in the industrial park, will erect a new 15,000-square-foot building next to its existing 12,000-square-foot plant, where it repairs electric motors and distributes machine components to construction and demolition companies. The $1.12 million project will add as many as 41 jobs in the next five years. The incentives for the firm, which now employs 21 people, are worth an estimated $226,000.

Lacey is moving its repair business for heavy equipment from Riddle Road in Royalton to a vacant building on Dysinger Road in Lockport, where it plans a 3,000-square-foot addition, doubling the size of the existing structure, as well as a separate 80-by-80-foot workshop.

The $825,000 project is to create five jobs on top of the company’s current 10, and the breaks would save the company an estimated $100,000.

IDA Administrative Director David R. Kinyon said that all three firms will have an 80 percent discount of property taxes in the first two years and 70 percent in the third and forth years, followed by five years of a 60 percent break and six years of a 50 percent reduction.