SARATOGA SPRINGS – The Saratoga Economic Development Corporation (SEDC) is working with Precision Valve and Automation (PVA) of Latham and its founder, Tony Hynes, to win economic incentives for a renovation of the recently closed DiSiena Furniture headquarters and warehouse in Mechanicville.
A $1.6 million initial investment by PVA is pending, and SEDC officials expect the site acquisition process to close in January. The company is proposing a $2.3 million project to repurpose the 75,000-square-foot building as an entrepreneur space with prototyping machinery, software and technical support.
The initial application was presented by SEDC to the Mechanicville-Stillwater Industrial Development Agency (IDA) at a Dec. 11 meeting. A public hearing has been scheduled for 7 p.m. on Tuesday, Jan. 16 at the Mechanicville Senior Center.
The benefits requested to support PVA’s investment include a 10-year Payment In Lieu of Taxes (PILOT) agreement, for an estimated savings of $564,250; and sales tax abatement against materials purchased for the renovation project, for an estimated savings of $78,386.
For more information, visit the website https://saratogaedc.com/.
