Cresco Labs Granted $38 Million Tax Break for NY Cannabis Facility
Ulster County is one step closer to being home to a major cannabis production facility.
During Wednesday’s Ulster County Industrial Development Agency (IDA) meeting, the board voted 7-0 to approve a payment-in-lieu-of-taxes (PILOT) for Cresco Labs, the cannabis grower that is promising hundreds of jobs with a new $209 million cannabis cultivation and production facility in the Town of Wawarsing. Cresco Labs had requested a $27.99 million reduction in property taxes over 15 years and $10 million in sales tax exemptions for the construction of the plant.
“Since the public meeting, I’ve received several phone calls from local business entities that certainly want to be a part of this project,” said Ulster County IDA Chairman Jim Malcolm during the meeting. “You’ll never miss that site and how big it is, but it’s all the peripheral ripples. The sun is finally going to shine on Ellenville after a long, long cloudy spell.”
The town’s planning board approved the plan to build the facility in March. Being granted the PILOT was the next step for the developers, who said in their application they would have to consider other site options if they weren’t granted the tax breaks.
To read the complete article, go to www.timesunion.com
Cresco Labs Granted $38 Million Tax Break for NY Cannabis Facility
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