Monroe County’s Economy — “On the Move!”
As County Executive Maggie Brooks noted in her 2005 State of the County Address, "Our community was built, and is sustained by, an economy that is diverse, regaining its vibrancy, and on the move." There is ample evidence to support this statement.
Bringing Jobs from China
Early in 2005, the Sentry Group, a world leader in fire-resistant storage and security containers, made a decision to relocate a production line from China, investing $2 million in equipment and renovations. The company is pleased to bring at least 20 new jobs to Monroe County, and they are optimistic about the prospect for continued growth. Through Monroe County's Economic Development department,the company received assistance in the form of a $200,000 Community Development Block Grant Loan.
Expanding Local Companies
In June, Monroe County saw three local companies announce significant expansions. Bausch & Lomb announced a $35 million investment to expand their corporate research and development center at the company’s Monroe County headquarters. This expansion is expected to bring 200 new jobs to the local economy.
Following this announcement, CooperVision, among the world’s largest contact lens makers, made a commitment to expand in Monroe County, investing $8 million to create a North American distribution center in Henrietta. This project will retain 206 jobs and add another 225 new jobs. And in June, Xerox Corporation announced a $59 million investment in a new toner plant to be built in Webster. This project will retain 50 jobs and create 40 new jobs. Monroe County will provide incentives for these projects through COMIDA, Monroe County Industrial Development Corporation and the Community Development Block Grant loan program.
Bringing West Coast Jobs Here
In August, the good news continued. MWI, Inc., a local manufacturer of graphite-machined components for the aerospace, automotive, semi conductor and alternative energy industries, announced it had chosen Monroe County, over a competing Connecticut location, for a new “clean room purification” process. This work is currently done in Oregon, and will now be done in Henrietta. The company was approved for assistance through COMIDA and the Monroe County Revolving Loan Fund.
Keeping Local Jobs Here
In October, County Executive Maggie Brooks announce that Rochester Precision Optics had chosen to locate in Monroe County. This culminated a process begun in June, when Monroe County Economic Development began discussions with a New Hampshire company regarding purchasing the assets of an Eastman Kodak precision glass manufacturing operation. “We see this as an exciting opportunity for us and look forward to a great future here. We had considered moving this to New Hampshire, but based on the incentives and the tremendously talented workforce already here, the decision to stay was an easy one,” said Mr. William Hurley, President of Rochester Precision Optics, LLC.
Rochester Precision Optics purchased the assets of an Eastman Kodak precision glass manufacturing operation and will be creating 75 new jobs in Monroe County. At a recent press conference, Terry Slaybaugh, Director of Planning and Development, Bill Hurley, President of RPO, County Executive Maggie Brooksand Kevin Hurley of Empire State Development announced that both Monroe County and New York State offered incentives to RPO which resulted in the project and jobs remaining in Monroe County.
Winning the Competitive Site Selection Process
In November, Alleson Athletic, a manufacturer and distributor of athletic apparel, announced plans to build and equip a 38,000 square foot addition to its existing 75,000 square foot corporate headquarters and distribution center in Henrietta. “We considered locations in Texas and Tennessee, but based upon our tremendous workforce and the incentives provided, we made the decision to expand here,” said William Levine, owner of Alleson Athletic. In consideration of the company’s commitment to growing its business locally, Monroe County will offer incentives through COMIDA, the Monroe County Revolving Loan Fund and the Community Development Block Grant loan program. “These announcements are huge wins for Monroe County and demonstrate our commitment to helping companies locate and grow in our area” said Monroe County Executive Maggie Brooks. “We will continue to pursue new and innovative ways to assist local companies in growing their operations and creating jobs.”
GreatRate Referrals 2005
Congratulations to Jodie Davies and Bert Brinkerhoff of M&T Bank as the top referral sources for GreatRates. Listed below are the top three banks for GreatRate referrals for 2005:
- M&T Bank: 33 Referrals
- HSBC Bank 8 Referrals
- Genesee Regional 5 Referrals
For more information on the GreatRate Program, call 585 753-2000.
Are you buying equipment and creating jobs?
You may be eligible for assistance from Monroe County. The equipment assistance programs include a subsidy on your interest charges, or a rebate on cash purchases. When coupled with our EQUIPLUS program, the purchase may be exempt from sales tax Here’s how it works. Let’s look at an example of a nonretail business purchasing a delivery vehicle from a local dealer. The purchase price is $75,000. The company currently employs 10, and expects to create 3 new jobs over the next 2 years.
| Vehicle Information | GreatRate Interest Subsidy (Financed) | GreatRebate (Cash Purchase) |
|---|---|---|
| Vehicle Loan | $75,000 | $75,000 |
| Interest Rate | 5.75% | n/a |
| Effective Interest Rate (After GreatRate Interest Subsidy) | 1,75% | n/a |
| Interest Savings (Over 35 Years) | $6,794 | $5,000 GreatRebate |
| EquiPlus Sales Tax (Savings at 8%) | $6,000 | $6,000 |
| Total Savings | $12,794 | $11,000 |
