CORTLAND, N.Y. (WHCU) – A manufacturer in Cortland will receive tax incentives for the next ten years.
The Cortland County Industrial Development Agency (IDA) finalized three million dollars in tax breaks for iSpice, the Canadian food spice company that’s taken over the former Voyant Beauty manufacturing facility. As part of the agreement, I-Spice will create up to 350 jobs in the City of Cortland over the next decade. Officials with iSpice expect to surpass that number.
“This type of project is a perfect fit for Cortland County,” said IDA Board Chairman Michael McMahon. “Returning manufacturing jobs to the former Voyant facility in less than a year after it closed was a priority for the IDA.”
The IDA awarded iSpice a $1.2 million sales tax exemption to support the purchase of production equipment, a $1.7 million property tax exemption, and other incentives.
“The IDA spent several months negotiating the incentive package with iSpice to make sure our county and the company were getting the best deal possible,” said Cortland County Legislative Chair Kevin Fitch.
Cortland Mayor Scott Steve also called the agreement a win-win and thanked the IDA.
“This project demonstrates the excellent working relationship our IDA has with its municipal partners,” said Steve.
