St. Lawrence County Industrial Development Agency
Human Services Center
80 State Highway 310 Suite 6, 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:
Curran Renewable Energy LLC
26 Trade Road (Massena Industrial Park)
Massena, New York 13662
07/03/2012
08/23/2012
12/28/2012
Project Overview:
In 2007, Curran Renewable Energy, LLC, located its pellet mill facility in two vacant buildings formerly occupied by
supplier companies to General Motors in the Massena Industrial Park. This pellet mill required an investment of over
$11 Million and created 23 jobs in Massena.
In 2010, the St. Lawrence County IDA entered into a purchase option with Curran Renewable Energy, LLC for the
Lots 12 and 13 properties in the Massena Industrial Park. In 2012, Curran Renewable Energy LLC submitted an
application for financial assistance to purchase 26 Trade Road, Lot 13 of the Massena Industrial Park. The Company
will use the building for warehousing and future expansion. The occupancy is consistent with the activities of other
facilities located in the Massena Industrial Park.
The Company requested that the St. Lawrence County Industrial Development Agency consider a standard Payment
In Lieu of Tax Agreement for the 20,000 square foot building they would occupy within the Massena Industrial Park.
The IDA held a public hearing relative to this project on August 8, 2012.
Actions Taken:
St. Lawrence County Industrial Development Agency 15-year Lease/Purchase w/Standard IDA PILOT.........$600,000
St. Lawrence County IDA Local Development Corporation Loan Financing .....................................................$100,000
Economic Indicators:
Jobs Maintained and Generated: The project will retain 100 FT jobs through the combined operations of Curran
Renewable Energy and Seaway Timber Harvesting.
Revitalized Properties: This project will result in the occupancy and transfer of an IDA-owned building within the
Massena Industrial Park.
Improve Corporate Performance: Curran’s tonnage production has more than quadrupled since 2009. The provision
of additional warehousing space will enable the Company to increase its production capability and keep up with
demand.
Tax Base: Through the PILOT process, this project will add a building with a current assessed value of $452,200 to
the tax base.
(** A Cost-Benefit Analysis can be found on the next page to help illustrate the Economic Indicators)
Project: Curran Renewable Energy Lot 13 Acquisition
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
7%
$0
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)
$600,000
$0
$452,200
100.00%
$452,200
$44.47
$201,093
$50,273
$150,820
4. Interest Exemption (Bond Only )
a. Total Estimated Interest Expense
(assuming taxable interest)
b. Total Estimated Interest Expense
(assuming tax exempt interest rate)
c. Interest Exemption (a – b)
$0.00
Full Time
Part Time
Seasonal
Total:
Current
Jobs
100
100
Post-Project Employment
Total
New
Jobs
0
0
0
0
0
0
0
0
0
0
Created
Year 3
Pre-Project
Employment
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
PAYROLL COMPARISON:
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Total Payroll
Total Payroll 1st Year after
Before
Project
Completion
Project
$4,794,463 $4,794,463
Total Payroll
2nd Year after
Project
Completion
Total Payroll
3rd Year after
Project
Completion
Total New
Payroll
$4,794,463 $4,794,463
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”. $20,109
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”. $20,110
What other benefits will the Project bring to the community
and region? This project assists in the vertical infusion
of a local manufacturing and harvesting firm.
Renewable energy pellets are created and will be
warehoused locally utilizing regional biomass
resources.