County pre-approves financial incentives for Regeneron
WHITE PLAINS, NY – Westchester has given preliminary approval to financial incentives for the expansion of Regeneron’s Tarrytown campus.
The county’s Industrial Development Agency gave preliminary approval on Feb. 25.
Westchester County Executive George Latimer said the historic IDA vote was an important affirmation of the county’s ongoing commitment to economic development and job creation.
“The financial incentives that will be provided to Regeneron by IDA will result in huge economic dividends for our county with hundreds of new construction jobs as well as hundreds of new high-paying jobs in the booming life sciences,” he said.
Regeneron’s 724,000 square foot project represents a total company investment of $1.39 billion, resulting in the creation of at least 700 new full-time jobs and nearly 800 construction jobs, according to a carrier. word.
The pharmaceutical company’s new facility will house several new research and development labs and administrative buildings.
The project would include the design, construction and fit-up of up to eight buildings, three parking lots and a power plant.
The Greenburgh Planning Department has approved the project which is expected to start between April and June. It is expected to be completed by the end of 2027.
An economic impact report prepared for IDA by Camoin Associates indicates that the construction will create 789 jobs and generate $100 million in total revenue. It is estimated that approximately 70% of this revenue is spent in Westchester, 25% of this spending will generate sales tax for the county.
A cost-benefit analysis showed that the Regeneron project will generate a return of approximately $1.62 in county tax revenue for every $1 of county incentives granted, which is at the high end of the range of previously approved projects. by IDA.
Regeneron claimed a sales tax exemption of approximately $47.5 million and a property tax exemption of approximately $125.3 million. The company received $100 million in other public incentives to partially cover the capital investment cost of the proposed project, according to a spokesperson.