The Schenectady County Legislature at its meeting on Tuesday, March 12, approved the sale of a 23-acre parcel of land in Glenville to the Schenectady County Industrial Development Agency (IDA) as part of a $5 million economic development deal with the Schenectady-based company Fortitech.
As part of the deal, Fortitech will purchase the land from the IDA for $1,050,000 and will build a 40,000-square-foot distribution facility, costing the company approximately $4 million.
In turn, the county IDA will sell the property to Fortitech for the same amount.
Fortitech, a global producer of custom nutrient premixes for the food, beverage and pharmaceutical industries is headquartered in Schenectady's Riverside Technology Park.
Because Fortitech will make the transaction through the county IDA, the company will receive tax breaks on construction materials, according to county officials.
The vacant parcel at the county airport along Route 50 in Glenville will become the new Airport Tech Park, according to Metroplex Development Chairman Ray Gillen. Fortitech will be the first business to occupy the technology park.
Fortitech is a fast-growing global company, said Gillen. "They could have gone anywhere, but they chose to stay in Schenectady County."
Gillen said the county will seek Empire Zone program benefits for the airport site. Under an Empire Zone, Fortitech would pay full property taxes and receive complete reimbursement.
If the site does not qualify as an Empire Zone, Gillen said the county would make a payment-in-lieu-of-tax agreement with Fortitech.
According to Rich Schlief, marketing director for Fortitech, the company is in the midst of a global growth initiative. Fortitech recently completed a 35,000-square-foot expansion to their Schenectady headquarters and is also building state-of-the-art manufacturing facilities in Ontario, Calif., and Kuala Lumpur, Malaysia.
Schlief also said that Fortitech is in the preliminary stages of planning to build a research and development facility at the Airport Tech Park in Glenville.