The Clarence Industrial Development Agency board of directors on Thursday approved nearly $183,000 in tax breaks for a Rochester-based mortgage company to support its 2-mile move from Amherst into a former bank branch in Clarence.
Premium Mortgage is expected to spend about $3 million to purchase and upgrade the former KeyBank at 4401 Transit Road, near Main Street, and to add up to 20 employees within 18 months after it moves from leased space at 2150 Wehrle Drive.
The company exclusively handles residential mortgages. The company has added 15 employees over the past year or so in Amherst, where it has about 30 workers now. The 15,380-square-foot bank branch in Clarence is nearly twice the size of Premium's current building.
The IDA board voted 6-0 to grant Premium a seven-year, payment-in-lieu-of-taxes, or PILOT, agreement, worth $104,283. Premium also will receive sales tax breaks worth $52,500 and mortgage-recording tax breaks worth $26,000, for a total of $182,783.
The IDA estimates the community benefit from the project, including income and sales tax, at $1.9 million.