The Rockland Industrial Development Agency has closed a deal with Cerovene Inc. pharmaceuticals to buy a 40,000-square-foot site in Orangeburg as part of an $8 million-plus expansion project, County Executive C. Scott Vanderhoef announced today.
The small pharmaceutical company, which has been leasing space in the county, will purchase property at 10 Corporate Drive in Orangeburg. Cerovene specializes in research and development and the manufacture of tamper- and abuse-proof pharmaceutical products. It plans to expand from nine to 75 employees over the next seven years, according to Vanderhoef.
“In addition to the acquisition of the property, Cerovene plans to invest more than $5 million in site renovations, new equipment and other expansion costs,” he said in a statement. “This project is another great example of how small to medium sized companies are finding Rockland County to be an attractive venue for growth – largely because of the responsiveness of the County, the IDA, and our towns and school districts.”
The deal includes exemptions for Cerovene on the mortgage recording tax and on sales tax for a portion of applicable expenditures. The town of Orangetown and Pearl River School District have reached a PILOT — payment in lieu of taxes — agreement, which have to approved by local officials in a resolution. The county’s anticipated portion of taxes will be unaffected.
These are the specific Rockland IDA benefits:
— Exemption from 8.375 percent sales tax on up to $3.5 million in furniture, fixtures, equipment and construction/renovation materials related to the project.
— Exemption from a 1.3 percent mortgage recording tax on $1.988 million in financing.
— A PILOT agreement with Orangetown and the Pearl River school district.
“This project further adds to Rockland County’s growing cluster of pharmaceutical companies,” Steven Porath, IDA executive director Steven Porath, said in a statement. “While our recent major projects such as the Bloomberg Data Center, The Shops At Nanuet and Raymour & Flanigan are certainly getting plenty of media attention, the IDA is working to attract and retain and/or expand small and medium companies – such as Cerovene. They are also a measure of our economic development success.”
(Journal News file photo of C. Scott Vanderhoef.)