ELLENVILLE – The Ulster County Industrial Agency, Wednesday, approved the 15-year PILOT agreement with the company that plans to construct a large-scale medical and adult use cannabis manufacturing facility on the former Schrade industrial site in the Town of Wawarsing and Village of Ellenville.
The PILOT will generate $29 million in payments-in-lieu-of-taxes.
Outgoing IDA Board Chairman Jim Malcolm said the project is going to give a major boost to the local economy.
“The sun is finally going to shine on Ellenville after a long cloudy spell,” he said.
The IDA approval also applies to sales tax exemption on building materials and an exemption on the mortgage filing fees.
The company, Cresco U.S. Corp., through its licensed affiliate, Valley Agriceuticals, LLC, expects to create 375 full-time equivalent jobs with salaries starting slightly above the average pay in the area and increasing.
The IDA agreements are Gloucester Street Capital, LLC.
An estimated 100 construction jobs would be created with construction beginning this summer and concluding in April 2024.
The more than 90-acre parcel has been dormant for years with much of it returning to its natural wooded state including wetlands.