SUFFOLK IDA APPROVES “BOOST” BENEFITS FOR VITAMIN AND SUPPLEMENT LAB
Bellone: BOOST Incentive Helps Business Expand Operations
(Hauppauge, NY-May 29, 2013) – The Suffolk County Industrial Development Agency (IDA) announced that it has approved an incentives package for Vitamix Laboratories, a growing force in the vitamin and supplements industry. The company is the latest to benefit from BOOST, an IDA program launched in 2012 to aid companies in high growth areas including pharmacology, bio and life sciences, green technology, energy, and information technology.
“Vitamix Laboratories is a natural fit for the BOOST program,” said IDA Executive Director Anthony Manetta. “They are well-positioned to grow in the precise industries BOOST is designed to bring to Suffolk County.”
Currently based in Farmingdale, Vitamix Laboratories is a manufacturer of high quality nutritional supplements. Vitamix Laboratories plans to move their operation to a facility located at 69 Mall Drive in Commack. The 23,175 square foot facility would allow Vitamix Laboratories to expand their operation, increase their workforce, and move to a location closer to their client base and support industries.
The project, which is estimated to cost $250,000, includes renovation costs of $95,000 and a total equipment investment of $108,000. Vitamix Laboratories, which currently employs 11 individuals at an average salary of $38,182, plans to hire six new employees in the first year of operation and 14 more the following year, nearly tripling its current workforce in just a two year period. The IDA will provide the project with property tax savings of $67,091 and a sales tax abatement worth $7,892.
“Vitamix Laboratories is intending to take advantage of the industrial clustering opportunities the BOOST program was designed to create,” said Suffolk County Executive Steve Bellone. “We look forward to their continued expansion into Suffolk County.”
Added Joanne Minieri, Deputy County Executive, Commissioner of Economic Development and Planning, and Vice-Chairperson of the Suffolk IDA, “The Suffolk IDA is taking major steps to help innovative local companies grow their business. We are very confident Vitamix Laboratories will maximize their growth potential right here in Suffolk County.”
About the Suffolk County IDA:
The Suffolk County Industrial Development Agency (IDA) is a public benefit corporation of the State of New York. The purpose of the agency is to promote economic development within Suffolk County. The operations of the agency are not supported by taxpayer funds, rather fees generated by the applicants. The Suffolk County IDA works in synergy with Suffolk County Executive Steven Bellone and Economic Development Commissioner Joanne Minieri to foster positive economic development within the County.
For more information regarding the Suffolk County IDA log on to www. suffolkida.org.