St. Lawrence County Industrial Development Agency
Ernest J. LaBaff Industrial Building ~ 19 Commerce Lane, Suite 1 ~ Canton, New York 13617
Phone: (315) 379-9806 ~ Fax: (315) 386-2573
Patrick J. Kelly
Chief Executive Officer
PROJECT ACTIVITY REPORT
Project:
Project Address:
Corning Property Management Corporation
334 County Route 16
Canton, New York 13617
Application Date:
March 6, 2014
Board Approval Date: June 11, 2014
Assistance Date:
June 11, 2014
Project Overview:
Corning Incorporated is the world leader in specialty glass and ceramics. Drawing on more than 160 years of
materials science and process engineering knowledge, Corning creates and makes keystone components that
enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life
sciences.
Corning’s Canton Plant, built in 1966, manufactures high quality optical glass for the semiconductor market, as
well as high energy lasers for space and commercial uses. It is one of the largest industrial employers in the
region, and the facility employs more than 200 individuals. Corning Property Management Corporation is a whollyowned subsidiary of Corning Incorporated and owns the Canton Plant.
Corning Incorporated is investing in the Canton Plant with an expansion project that includes construction of
approximately 31,000 sq. ft. of new facility space. The facility will be used for production and inventory.
Actions Taken:
Proposed Financial Assistance:
St. Lawrence County Industrial Development Agency (Sales and Use Tax Exemption Benefit) ...................... $309,600
St. Lawrence County Industrial Development Agency (Payment in Lieu of Taxes) .......................................... $241,221
Public Hearing
Pursuant to Section 859-a of Article 18-a of New York General Municipal Law, St. Lawrence County IDA has scheduled
a public hearing on June 11, 2014 at 11:00 AM in the Town of DeKalb Offices. (See following pages for more detail,
including Cost Benefit Analysis of the project).
Economic Indicators:

Jobs Maintained and Generated – This project will create 40 full-time equivalent jobs over the next three years.
Corning offers a compensation package that is significantly higher than regional average wage rates. The
Company has an excellent global recognition and reputation, demonstrating St. Lawrence County’s ability to attract
and support top tier employers. Higher technology jobs provide diversification in the workforce and employment
opportunities for local college graduates.

Improved Corporate Performance – This project will assist Corning in strengthening operations of the Canton plant,
as well as the Company’s significant presence in New York State. The project enables Corning to secure a longterm contract for work at the Canton facility, thereby providing additional stability and security for the local plant.
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 859-a of Article 18-A of
the New York General Municipal Law (the “Act”) will be held by the St. Lawrence County
Industrial Development Agency (the “SLCIDA”) on the 11th day of June, 2014 at 11:00 o’clock
AM, local time, at the Town of DeKalb Offices, 2907 County Route 17, DeKalb Junction, New
York, in connection with the following matters:
Corning Property Management Corp., (the “Company”), has submitted an application (the
“Application”) to the SLCIDA requesting the SLCIDA’s assistance with a certain project (the
“Project”) consisting of: (i) the acquisition by the SLCIDA of a leasehold interest to approximately
1 acre of real property located at 334 County Route 16, Canton, New York 13617, Town of
DeKalb, St. Lawrence County, New York (the “Town”), (herein, the “Land”), (ii) the construction
and operation on the Land to include structures of approximately 23,500 square feet and 7,500
square feet (the “Improvements”), (iii) the acquisition in and around the Land and Improvements
and of certain items of equipment and other tangible personal property and equipment (the
“Equipment” and, collectively with the Land and the Improvements, the “Facility”), and (iv) the
lease of the Facility to the Company pursuant to a straight-lease transaction as defined within the
Act;
SLCIDA is contemplating providing financial assistance to the Company with respect to the
Project (the “Financial Assistance”) in the form of: (i) a sales and use tax exemption for purchases
and rentals related to the acquisition, construction and equipping of the Facility, and (ii) a partial
real property tax abatement on the improved value of the project through a Payment in Lieu of
Taxes Agreement.
A representative of the SLCIDA will be at the above-stated time and place to present a copy of the
Company’s Application (including a cost-benefit analysis) and hear and accept written and oral
comments from all persons with views in favor of or opposed to or otherwise relevant to the
proposed Financial Assistance.
Written statements provided to the SLCIDA regarding the project will also become part of the
record of public hearing. Written statements should be addressed to: SLCIDA, 19 Commerce
Lane, Suite 1, Canton, New York 13617, and must be received by the SLCIDA no later than 11:00
o’clock AM on June 11, 2014 to be included in the record of public hearing.
DATED: May 29, 2014
ST. LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
By:
Patrick J. Kelly
Chief Executive Officer
***FOR AGENCY USE ONLY***
COST/BENEFIT ANALYSIS
(As required by Section 869-A3 of New York General Municipal Law)
Project Applicant: Corning Property Management Corp.
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
Pre-Project
Employment
2. Mortgage Recording Tax Exemption
a. Projected Amount of Mortgage:
Mortgage Recording Tax Rate:
b. Estimated Exemption:
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)
0.75%
$0
DeKalb Town
$3,450,000
$4,521,891
$5,471,488
100.00%
40
0
PAYROLL COMPARISON:
Double click on chart to enter data
Total Payroll
Before
Project
$14,003,730
Total Payroll
1st Year after
Project
Completion
Total Payroll
2nd Year
after Project
Completion
$16,397,530
$16,397,530
Total Payroll
3rd Year after
Project
Completion
$16,397,530
ESTIMATED OTHER BENEFITS:
$80,407
$241,221
Sales Tax Revenue
If the project will result in the manufacturing or 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”. $N/A
a. Total Estimated Interest Expense
(assuming taxable interest)
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”. $N/A
b. Total Estimated Interest Expense
(assuming tax exempt interest rate)
TOTAL ESTIMATED EXEMPTIONS
0
40
Total
New
Jobs
40
0
0
40
$949,597
$33.87
$321,629
4. Interest Exemption (Bond Only )
c. Interest Exemption (a – b)
Full Time
Part Time
Seasonal
Total:
Current
Jobs
234
0
0
234
Post-Project
Employment
Created
Year 3
$3,870,000
8%
$309,600
Created
Year 2
a. Amount of Project Cost Subject to Tax:
Sales and Use Tax Rate:
b. Estimated Exemption:
Created
Year 1
Double click chart to enter data
1. Sales and Use Tax Exemption
$0.00
$550,821
Comments: Estimates assume 60% sales and use tax
exemption eligibility on total construction costs and 21%
increase in assessment (based on existing plant
assessment and increase in footprint as a result of this
project).
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”. $32,167
What other benefits will the Project bring to the community and
region? Assists Corning in strengthening the operations of
the Canton plant as well as the company’s significant
presence in NYS. Project enables Corning to secure a longterm contract for work at the Canton facility, providing
additional stability and security for the local plant. Company
offers compensation package significantly higher than
regional average wage rates. Company has excellent global
recognition and reputation, demonstrating County’s ability to
attract and support top tier employers. Higher technology
jobs provide diversification in the workforce and
employment opportunities for local college graduates.
Projected has been
extended (see
following pages)