St. Lawrence County IDA approves tax exemption for zinc company to help in creation of 92 jobs in Gouverneur area
By JIMMY LAWTON
CANTON -- St. Lawrence County Industrial Development Agency has approved a resolution granting a tax break for the St. Lawrence Zinc Company that will help create 92 jobs.
St. Lawrence Zinc Company, LLC submitted an application to the SLCIDA requesting the SLCIDA’s assistance with a project in the form of exemption from sales and use tax on purchases and rentals of goods as the company invests in its facility located at 408 Sylvia Lake Road, Gouverneur.The tax exemption includes “the purchase of materials, parts, and services to refurbish equipment and infrastructure and improving efficiency through the purchase of new technology and modernization, along with the purchase of new equipment and tools,” according to the resolution.
Specific details were not available, but it will help retain 8 jobs and create 92 jobs.
The value of state and local sales and use tax exemption provided to the company under this project is estimated to be $80,000, according to the resolution.
The Balmat zinc mine recently changed hands in a deal worth close to $40 million.
Titan Mining Corporation announced the deal to acquire the mine from Star Mountain Resources Inc., which in early 2016 filed federal paperwork announcing intent to take upwards of $80 million in zinc from the mine.
The sale was done for $1 million on the closing date and another $2 million over the next two years. All in all, the mine is being sold for a total of $39.8 million.
The initial $1 million is being used to pay a Development Authority of the North Country loan, plus $500,000 in accrued interest.