EK Granite Stone received a boost to their plans for relocating their counter-top business to the City of Amsterdam at Wednesday’s Amsterdam Industrial Development Agency meeting. Board members approved a 10 year Payment in Lieu of Taxes agreement for the business as well as a one-year New York State tax exemption.
The company builds granite, marble, and quartz counter tops and was previously based in Latham, but lost their building to a fire. The company then purchased property at 53 Edson Street, site of a former car wash business, at the recent city auction. The company plans to build a 1,200 square foot building on the property for their operations, and renovate the existing building to house a showroom.
The PILOT agreement will reduce the amount of property taxes the business will be required to pay on the assessment of the buildings on the property, beginning with 0% in 2018 and increasing by 10% each year.
The one-year tax exemption applies to purchases related to construction of the new building and other equipment, as well as mortgage recording taxes.
In April of this year, AIDA approved a $40,000 loan to the company for the construction of the new building.
