Sikorsky Must Pay Taxes For 10 Years
Chemung County (WENY) -- The Chemung County Executive said Sikorsky is on the hook to pay property taxes until 2022. Tom Santulli said Sikorsky executives signed an agreement making the company responsible for paying 100 percent of the taxes and all improvements to the facility.
Santulli said Sikorsky will pay county, town and school property taxes for the next 10 years. That figure comes in at $815,000 per year. Sikorsky will also have to pay back a $24.2 million loan from a local bank. On top of that, the company is responsible for utility costs and providing liability, property and flood insurance.
"The one thing that we have on our side, certainly, is an agreement signed by Sikorsky, by the county, agreeing to the terms of the lease, and the terms are what the terms are," said Santulli.