County Preliminarily Approves Financial Incentives For Regeneron

WHITE PLAINS, NY — Westchester has given preliminary approval of financial incentives for the expansion of Regeneron's Tarrytown campus.

The county's Industrial Development Agency gave preliminary approval Feb. 25.

Westchester County Executive George Latimer said the historic vote by the IDA was an important affirmation of the county's ongoing commitment to economic development and job creation.

"The financial incentives to be provided to Regeneron by the IDA will result in tremendous economic dividends for our County with hundreds of new construction jobs as well as hundreds of new well-paying jobs in the booming life sciences industry," he said.

Regeneron's 724,000-square-foot project represents a total investment by the company of $1.39 billion resulting in the creation of at least 700 new full-time jobs and nearly 800 construction jobs, according to a spokesman.

The pharmaceutical company's new facility will house multiple new research and development laboratories and administrative buildings.

The project would encompass the design, construction and fit-out of up to eight buildings, three parking garages and a central utility plant.

Greenburgh's town planning department approved the project that is scheduled to begin between April and June. It is expected to be completed by the end of 2027.

An economic impact report prepared for the IDA by Camoin Associates said construction will result in 789 jobs and generate $100 million in total earnings. About 70 percent of those earnings are estimated to be spent in Westchester, 25 percent of that spending will generate sales tax for the county.

A cost-benefit analysis showed that the Regeneron project will generate a return of about $1.62 of county tax revenue for each $1 of county incentives awarded, which is at the top of the range of projects previously approved by the IDA.

Regeneron requested a sales tax exemption of about $47.5 million and real property tax exemption of about $125.3 million. The company has been granted $100 million in other public incentives to partially defray the cost of the proposed project capital investment, according to a spokesman.