Project Description
Vireo Health, LLC advanced plans in 2021 to construct a 324,000 sq. ft. facility on Lots 1 and 2 in the Tryon Technology Park to grow, cultivate and process adult-use cannabis. This project was initiated in response to the NYS Legislature legalizing adult-use cannabis in the State. The project will result in a $55 million private sector investment.
IDA INCENTIVES
The IDA provided two (2) financial incentives to this project:
- Real Property Tax Exemptions: The IDA provided a Payment in Lieu of Tax Agreement (PILOT) for this project. The PILOT applies to the increase in assessed valuation the project would create. The Town of Perth Assessor will establish the assessment for this new structure once it is completed.
- Sales Tax Exemption: The IDA provided a Sales Tax Exemption on the materials Vireo Health will purchase to construct the addition, as well as machinery and equipment to be installed in the building. This exemption applies to State and local sales taxes.
PROJECT IMPACTS
Vireo Health’s project will create several positive economic impacts:
- It will create construction jobs.
- It will create permanent new jobs.
- It will generate new property tax revenues for the Broadalbin-Perth Central School District, Fulton County and Town of Perth.
