By JIMMY LAWTON
MASSENA -- Curran Renewable Energy plans to purchase a 20,000 square-foot building in the in Lot 14 of the Massena Industrial Park.
Saturday, the St. Lawrence County Industrial Development Agency, which owns the building, approved a $600,000, 15-year lease/purchase agreement. It has been leased by Curran since October of 2012
As part of the project, the IDA authorized a tax break for the facility, which will allow the building to be added to the tax base in Massena over a ten-year period.
Additionally, the IDALDC authorized a $100,000 loan to Curran for environmental control equipment.
IDA Director Patrick J. Kelly said the building sale will be benefit to the community as it will allow the building to go back on the tax base though over a 10-year-period.
The project is receiving the standard IDA PILOT, which equates to five years with a100 percent tax break, followed by five years of 50 percent tax break. At the current assessed value of $452,200 the payments throughout the term of the agreement will total $50,273. At the end of the term, the facility will be completely on the tax roll.
Kelly said the purchase will be a benefit to the community.
"Curran Renewable Energy's acquisition of this building is a positive step as we work to capitalize on the region's natural resource base. The IDA has invested heavily in the Massena Industrial Park and we're pleased that this facility will play a role in supporting the efforts of leading firms like Curran Renewable Energy and Seaway Timber Harvesting."
Curran Renewable Energy LLC was formed by brothers Patrick, Timothy and Lee Curran. The brothers also operate Seaway Timber Harvesting Inc, which annually produces over 300,000 tons of wood chips and Curran Logging Inc.
The three companies employ approximately 100 people.