St. Lawrence County Industrial Development Agency
Human Services Center
19 Commerce Lane, Suite 1, Canton, New York 13617-1496
Phone: (315) 379-9806 Fax: (315) 386-2573
Patrick J. Kelly
Chief Executive Officer
PROJECT ACTIVITY REPORT
Project:
Project Address:
Application Date:
Board Approval Date:
Financing Date:
AJ Missert, Inc.
1001 Champlain Street
Ogdensburg, New York 13669
09/25/2012
09/27/2012
09/28/2012 (SUT)
03/26/2013 (PILOT)
Project Overview:
AJ Missert, Inc. has applied for financial assistance through the St. Lawrence County Industrial Development Agency
to assist the Company in constructing an 80’ x 80’ addition to its current 29,000 sq. ft. warehouse to help meet the
Company’s increased warehousing needs.
Actions Taken:
The St. Lawrence County Industrial Development Agency authorized a Sales and Use Tax Exemption for this project.
Additionally, a Payment in Lieu of Taxes agreement for the warehouse addition was executed on March 26, 2013.
Economic Indicators:
Jobs Created and Maintained: This project will assist in the retention of 21 St. Lawrence County-located jobs. The
project will also assist in the creation of 6 to 10 construction jobs.
See attached cost-benefit analysis.
FOR AGENCY USE ONLY
COST/BENEFIT ANALYSIS: As required by Section 869-A3 of New York General Municipal Law.
Estimated COST of Agency Assistance:
Estimated BENEFIT of Agency Assistance:
ESTIMATED EXEMPTIONS:
EMPLOYMENT COMPARISON:
Do not include construction jobs relating to the Project.
Double click on chart to enter data
$190,000
7%
$13,300
2. Mortgage Recording Tax Exemption
a. Projected Amount of Mortgage:
Mortgage Recording Tax Rate:
b. Estimated Exemption:
0.75%
$0
3. Real Property Tax Exemption
Property Location:
a. Investment in Real Property
(Total Project Cost):
b. Pre-project assessment:
c. Projected post-project assessment
d. Equalization Rate (for reference only)
e. Increase in Assessed Value of Property
f. Total Applicable Tax Rates per $1,000
g. Ten Year Total Taxes (e X f X 10)
h. PILOT Payments with Standard IDA Pilot
(g X .25)
i. Net Exemption Amount (g - h)
Full Time
Part Time
Seasonal
Total:
Current
Jobs
21
21
Post-Project Employment
Total
New
Jobs
0
0
0
0
0
0
0
Created
Year 3
a. Amount of Project Cost Subject to Tax:
Sales and Use Tax Rate:
b. Estimated Exemption:
Pre-Project
Employment
Created
Year 2
1. Sales and Use Tax Exemption
Created
Year 1
Double click chart to enter data
PAYROLL COMPARISON:
Double click on chart to enter data
Total Payroll Total Payroll Total Payroll
$380,000
$340,000
$530,000
$190,000
$49.94
$94,886
$23,722
$71,165
Total Payroll
1st Year
2nd Year
3rd Year
Before
after Project after Project after Project
Completion Completion Completion
Project
$787,500
$0
$0
Total New
Payroll
$0
ESTIMATED OTHER BENEFITS:
Sales Tax Revenue
If the project will result in the manufacturing of selling of
a new product, estimate the amount of annual sales
taxes that will be generated on retail sales of the new
product. Otherwise, enter “N/A”. $
If the Project will result in increased production or sales
of an existing product, estimate the amount of annual
sales tax that will be generated on the retail sales of the
increased production. Otherwise, enter “N/A”. $
a. Total Estimated Interest Expense
(assuming taxable interest)
Real Property Taxes
Estimate the amount of annual real property taxes that
will be payable on the Project (at the end of the PILOT
Agreement, if any). Otherwise, enter “N/A”. $
b. Total Estimated Interest Expense
(assuming tax exempt interest rate)
What other benefits will the Project bring to the community
and region?
4. Interest Exemption (Bond Only )
c. Interest Exemption (a – b)
TOTAL ESTIMATED EXEMPTION
$0.00
$84,465