An electric supply company based in Vermont will purchase a building in Saratoga Springs and convert into a distribution hub as well as offices, keeping jobs in the area and creating future job opportunities.
Green Mountain Electric Supply Inc. had expressed the desire to purchase a 143,000-square-foot office and distribution center from SKS Bottle & Packaging Inc. at 10 Skyward Drive, off Geyser Road.
The company has filed an application with the Saratoga County Industrial Development Agency seeking a tax incentive package that would help finance the transaction.
In late July, the IDA voted to award $1.56 million in tax incentives. That includes $91,000 in sales tax exemptions, $105,000 in mortgage tax exemptions and $1.4 million in property tax exemptions over five years.
The company, a lighting, cable, alarm system and electrical parts distributor, will purchase a 22.3-acre complex that contains the building. The structure would be converted into a distribution hub that also would house the firm’s financial team.
Green Mountain was founded in 1953 and is in its third generation of ownership. Headquartered near Burlington, Vt., Green Mountain has rapidly expanded its presence across upstate New York, growing to 16 branches and two distribution centers. The company expanded into New York in 2008 through the acquisition of Glens Falls Electric Supply in Queensbury.
Green Mountain is expected to employ seven people locally during its first year. That is expected to grow to 17 by year three.
According to the application submitted to the IDA, Green Mountain will use the facility for its New York headquarters, and “warehouse of electrical materials and supplies in connection with its wholesale electrical business.”
The company said it “has needed to expand the headquarters for its financial team and its New York management.” It looked at locations in western Massachusetts, Vermont and New Hampshire. The SKS packaging center could fulfill its needs, according to the application.
The company has an office and some warehouse space in Halfmoon and Clifton park, but according to its application it cannot sustain the Halfmoon office. The warehouse would continue to operate.
Green Mountain plans to invest $18.2 million for the building acquisition, installation of storage racks, rooftop solar panels and more.
The tax incentives “are imperative to make this site competitively priced and somewhat comparable to other sites being considered,” the application submitted to the IDA stated.
Also, “the project, in the short term, will retain existing jobs in New York state and, as a growing company, will provide additional job creation in the next five years in Saratoga County.”
“The project will provide employment opportunities for Saratoga County residents and will support the construction industry in Saratoga with its ability to supply electrical contractors.”