Cayuga County endorses expansion of a $3.1 million warehouse operated by a Dutch company
Denkavit, a Dutch animal feed producer, is expanding its facility in Aurelius, New York, with a $3.1 million warehouse extension. The company secured a tax deal that includes a Payment In Lieu Of Taxes (PILOT) agreement, which will help them save approximately $90,000 in property taxes over the term of the agreement.
The PILOT agreement, approved by the Cayuga County IDA, will last for 8 years. This arrangement is designed to help Denkavit reduce their tax burden while expanding their operations in Aurelius. The expansion is intended to cut costly off-site storage for Denkavit, and while it won't add many jobs immediately, it's expected to help retain current positions.
The expansion project is viewed by officials as part of a broader resurgence in local manufacturing. Construction for the expansion could begin in September, subject to land acquisition and blueprint approvals.
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Denkavit's expansion could save them nearly $292,000 in taxes over the term of the PILOT agreement, a significant benefit for the growing company. As Denkavit expands, it's clear that Aurelius and the broader Finger Lakes region are seeing a resurgence in manufacturing and economic growth.
The Denkavit expansion, sponsored by a PILOT agreement, is not only for reducing their tax burden but also a step towards the resurgence of the local manufacturing industry in Aurelius. This growth in the manufacturing sector could potentially attract more financing opportunities for other businesses in the region.
