LOCKPORT – Moley Magnetics’ purchase of a vacant building in the Town of Lockport’s industrial park will be completed in November, after a tax incentive package was approved Thursday by the board of the town’s Industrial Development Agency.
It voted unanimously for a 15-year payment-in-lieu-of-taxes, or PILOT, arrangement on the soon-to-be-vacant 52,403-square-foot Johnson-Rose Corp. building on Crown Drive, which Moley is purchasing for its new home. For the time being, Moley is hanging onto its existing building in the industrial park, IDA Administrative Director David R. Kinyon said.
The $1.4 million deal will add 30 new jobs to Moley’s current work force of 21. The company will save 80 percent on its property taxes in the first two years, 70 percent in the third and four years, 60 percent in years 5 through 9, and 50 percent for six years thereafter. The total value of the incentives is estimated at $72,727.
The deal replaces a PILOT the board had granted Moley in September for construction of a new building beside its existing one, a project which now has been canceled. Moley sells and distributes large, magnetic and shearing parts to clients in the construction and demolition business, and has a sister company that repairs electric motors.