Community Renewal Good Stories - Jamestown

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New Manufacturer Touts RC Benefits

Jamestown, New York, RC

Jamestown's RC tax incentives are attracting new businesses, including International Ordnance Technologies, Inc., a new minority owned business that will create new jobs with good wages for RC residents. Located in a formerly vacant 4,000-square-foot building within the RC, the new company manufactures small and medium caliber ammunition cartridge links for domestic and international sale.

"We are excited at the prospect of locating within the Jamestown Renewal Community," said International Ordnance President Tammy H. Snyder. "The cooperation and support that we have received from everyone involved in bringing this venture to Jamestown has been great. We did look at other locations in New York and Pennsylvania.

However, the Harrison Street site is ideal because it is located in the Jamestown Renewal Community and in a New York State Empire Zone. The opportunity to access both Federal and State tax incentives was an important part of our site selection."

Planning to employ 150 RC residents in new manufacturing jobs by its third year of operations, International Ordnance is working closely with the local workforce investment board to select and prescreen prospective employees. Another company goal is to have 35 percent of its workforce live in the RC to qualify for the zero-percent capital gains rate and Increased IRS Section 179 Deductions-benefits available to qualified RC businesses.

In February 2004 Snyder attended an RC symposium in Schenectady, New York, which brought together local leaders, members of Congress, RC staff, and businesses from the State's five RCs to discuss the valuable tax incentives that are available. Snyder discussed the positive impact the RC tax benefits have had on her company in Jamestown and urged ongoing cooperative partnerships to continue to attract and retain businesses and manufacturers in New York's RCs. Looking forward to a committed presence in the Jamestown RC, International Ordnance recently received a major order from General Dynamics.

For additional information on Jamestown RC programs, contact Director of Development Steven Centi, Greater Jamestown Zone Capital Corporation, at (716) 483-7667.