PODS secures $642K in tax breaks
The abatements are related to the company's planned move to a new location in southern Ulster County.
The Ulster County Industrial Development Agency has approved about $642,000 in tax breaks related to PODS Enterprises’ planned move to the site of a former garden center in Marlboro.
PODS’ application, approved by the agency board on Wednesday, requested $447,444 in property tax relief and $169,500 in sales tax exemptions, as well as the waiver of $25,500 in mortgage recording taxes.
The agency will collect a $61,000 fee for approving the tax breaks.
PODS, which rents our portable storage units, plans to move from 22 Riverview Drive to a 40,000-square-foot building it would construct at 1100 U.S. Route 9W, the site of a former garden center.
“The project applicant will lease the property to the IDA,” said agency attorney Joseph Scott. “We will lease it back to them and then grant them various benefits in connection with the undertaking of the project.”
Industrial Development Agency officials said the relocation will allow PODS to increase both its workforce and the value of the property to which the company is moving.
“For the applicant to obtain the agency’s incentives, PODS is expected to retain its existing nine employees and add six additional employees over the next three years,” the agency said in a prepared statement. “The project is expected to ... result in an estimated increase in the property value by $3.7 million after its completion in the fourth quarter of 2018.”
The application states construction of the new building will cost about $6.1 million and create 52 jobs.
PODS rents out empty storage units that then are filled by homeowners or business and brought to a central site.
PODS Enterprises LLC owner Gary Krupnick previously told the Industrial Development Agency board that the empty containers “will be stored outside out of sight behind the [new] building.”
Filled containers, as large as 8 feet tall and 16 feet long, will be stored inside the building, Krupnick said. He estimated there could be up to 700 containers, depending on the sizes.