HR Teams Assists IDA in Obtaining GE Building and its Reuse by Local Manufacturer

Hodgson Russ attorneys successfully assisted the Allegany County Industrial Development Agency in acquiring the GE building after its closure and replacing it as an advanced manufacturing firm. Our attorneys undertook aspects of the real estate transaction, including negotiating the terms of the transfer from GE and the new lease. In addition, we directed the environmental review and drafting of the environmental covenant, which governed the transfer and reuse of the building and protected the IDA from any preexisting site concerns. We also assisted the IDA in arranging financial incentives to bring about the expansion of a local hi-tech manufacturer, including a PILOT which deviated from the IDA’s Uniform Tax Exemption Policy.