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The Telegram
  • Herkimer Co. IDA receives update on Price Chopper project

  • The members of the Herkimer County Industrial Development Agency on Thursday discussed the status of the Price Chopper project in the city of Little Falls.

    When finished, the new supermarket will be located at 555 E. Main St.

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  • The members of the Herkimer County Industrial Development Agency on Thursday discussed the status of the Price Chopper project in the city of Little Falls.
    When finished, the new supermarket will be located at 555 E. Main St.
    IDA Vice President Vincent Bono said the process is moving along and that once everything has been finalized, the project will commence. “Our attorney, Michael Stevens, just closed the lease on the property, so we should be ready to officially sign a deal by next our next meeting,” he said.
    A straight lease arrangement will allow the IDA to hold nominal title to the property, which will offer the company exemption from sales and mortgage recording taxes, as well as reduced property taxes.
    The total estimated project cost is $6,459,149 and the estimated financial assistance to TRB Associates in the form of an 8.25 percent sales tax exemption is approximately $320,287, according to IDA documents. The estimated number of full and part-time positions to be created is 20 and 90, respectively, with a full cafeteria plan of benefits based upon eligibility, according to documents.
    “This project represents an investment in the community of Little Falls and will create new jobs and put in place a quality grocery store,” said Bono in a previous statement.
    In other business Thursday morning, the board approved the cooperate authorization resolution which authorizes new board of directors members to sign for booking keeping.
    IDA officials for 2013 include director, Mark Feane; chair, Dick Collins; vice chair, Vincent Bono; treasurer, Michael Werenczak; secretary, Keith Davy; and financial manager, Lillian Oram.
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