WHEATFIELD – Jacob’s Ladder, a local manufacturer of high-end fitness equipment, was unanimously approved for a tax break on a new plant Wednesday by the board of the Niagara County Industrial Development Agency.
The company is planning to buy the vacant former Motorad plant on Walmore Road in Wheatfield, moving from its current leased space in the former Wurlitzer plant in North Tonawanda.
Jacob’s Ladder was approved for a 15-year payment-in-lieu-of-taxes, or PILOT, arrangement that also will include a sales tax exemption on building materials and equipment and furnishings for the new plant. The $1.1 million acquisition and renovation is projected to add 10 jobs to the company’s current workforce of 15.
Over the next 15 years, the IDA estimates, Jacob’s Ladder will save $421,160 in taxes on the 35,000-square-foot building.