Niagara County IDA approves tax breaks for Jacobs Ladder
Dec 18, 2015
The Niagara County Industrial Development Agency approved a series of tax breaks that will help a manufacturer of cardio equipment and other related machines expand its operations.
Jacobs Ladder LLC received unanimous approval from the NCIDA’s directors for the incentives requested to help finance plans to purchase a vacant Walmore Road building and turn it into its corporate headquarters and manufacturing center. The building had been home to the Motorad Co. but had been marketed heavily in recent months.
The 34,816-square-foot building was listed with a $1.2 million price tag. Jacobs Ladder has not yet closed on the sale to purchase the Motorad Building, although a closing will take place soon, NCIDA officials said. Eric Tudor, Tudor Collins Commercial Real Estate co-founder, who brokered the deal, said several companies expressed interest in the building before Jacobs Ladder emerged as the buyer. Incentives for the $1.1 million project include mortgage, property and sales tax breaks amounting to $421,160 yet the local and regional payback is more than $1.73 million, based on investments being made by Jacobs Ladder, officials said.
Jacobs Ladder produces a line of cardio machines commonly found in health clubs, training centers and in some private residences. The company wants to move from leased space in the Wurlitzer Industrial Park on Niagara Falls Boulevard to the new building. With the expansion, the company is expected to add 10 workers, earning an average of $30,000 annually.
Jacobs Ladder currently has 15 employees. “To me, this is a great story,” said Henry Sloma, Niagara County IDA chairman. “They started out small and have grown since then.” Company president Robert Palka acquired Jacobs Ladder, including its patent and assets, in 2004 - aided by a Small Business Administration loan and low-interest grants from the Niagara County IDA.
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