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The Times
  • IDA approves final authorizing resolution for Shoppers Square project

  • The Herkimer County Industrial Development Agency has given its final support to a project that will include construction of a modern 30,500 square foot Price Chopper supermarket in Shoppers Square in the city of Little Falls.

    IDA Executive Director Mark Feane said the agency’s board of directors approved the final authorizing resolution for the $6,459,149 project at a meeting last week.

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  • The Herkimer County Industrial Development Agency has given its final support to a project that will include construction of a modern 30,500 square foot Price Chopper supermarket in Shoppers Square in the city of Little Falls.
    IDA Executive Director Mark Feane said the agency’s board of directors approved the final authorizing resolution for the $6,459,149 project at a meeting last week.
    “The resolution approved the execution and delivery of the lease agreement and will allow the company to move forward with the project,” said Feane during a telephone interview Monday afternoon. “This project will create new jobs and a state-of-the-art grocery store. It represents a good investment in the city of Little Falls.”
    The straight lease agreement will allow the IDA to hold nominal title to the property at 55 E. Main St. and will offer the Price Chopper Operating Company exemption from sales and mortgage recording taxes, as well as reduced real property taxes.
    Feane said the board acted on the resolution after the Herkimer County Legislature confirmed the IDA’s findings, which include the predominant purpose of the project is to continue to make available goods or services which would not be, but for the project, reasonably accessible to the residents of Little Falls; the project will preserve permanent, private sector jobs in the state and the project was strongly endorsed at a public hearing.
    “The process that was followed for this project was similar to the process followed for other projects when a company applies for financial assistance or tax exemptions to help them construct and equip their business,” said Feane. “It’s a common agreement.”
    He added in addition to being subject to a public hearing, the company had to provide a short environmental assessment form to the IDA Board of Directors, which determined the project will not have a significant impact on the environment.
    “The building has been prepped so I would expect demolition to begin soon,” said Feane. “Working with companies to help them reach their goals is what the IDA is about. We were happy to be able to assist them on a project that is not only good for the city of Little Falls, but good for Herkimer County as well. It’s a significant investment.”
    According to the agreement, Price Chopper Operating Company will receive $320,287 in financial assistance in the form of an 8.25 percent sales tax exemption for a project that will create 20 full-time and 90 part-time jobs.
    In addition to the demolition of a portion of Shoppers Square for the construction of Price Chopper, the project’s plans call for renovations to the remaining portion of the building.

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