Lockport Union-Sun & Journal Online

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September 11, 2013

Hearing to be held on Yahoo plan

(Continued)

Lockport Union-Sun & Journal — Bonaro said both parts combined would be able to accommodate 300 employees, although there is no plan for Yahoo to add more than the promised amount of 115 jobs. Still that didn’t stop local officials from thinking about the possibilities.

“That’s 300 young people who are educated here who can stay here or work here,” said state Sen. George D. Maziarz, who attended the Planning Board meeting.

Yahoo’s interest in expanding in Lockport is noteworthy, Maziarz said, especially while so many other areas in the country are seeing job losses and reductions.

”People talk all the time about attracting Fortune 500 companies, about attracting high-tech types of jobs for young people,” Maziarz said. “Yahoo is that type of company. It’s certainly a brand name, it’s certainly high-tech... They love Lockport for a number of different reasons.”

In April, the Town of Lockport Industrial Development Agency Board of Directors approved a 20-year package of property tax and sales tax breaks for the company. The deal would cover both parts of the expansion.

Yahoo will have a 20-year sales tax abatement for building materials and equipment, as well as 100 percent abatement of property tax for 10 years. The property tax exemption would then be reduced by 20 percent every two years for the next eight. It’s estimated the deal will save Yahoo over $30 million total.

The company is also receiving $2 million worth of state tax credits and a seven-year renewable deal with the New York Power Authority for half-price hydropower. In March, the New York Power Authority Board of Directors approved an allocation of 7,200 kilowatts of low-cost power.

Contact reporter Joe Olenick at 439-9222, ext. 6241 or follow him on Twitter @joeolenick.

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