The grand opening of Constellation Brands’ new $83 million headquarters in the heart of… see more
The grand opening of Constellation Brands’ new $83 million headquarters in the heart of downtown Rochester is a monumental step forward in the continued revitalization of our City!
The Fortune 500® company, founded more than 75 years ago in the city of Canandaigua, renovated six buildings at the site located between East Main and Broad streets.
As a result of the move, Constellation Brands has committed to creating more than 80 new jobs on site in addition to the more than 340 jobs being relocated to the Aqueduct location-roughly 200 employees will continue to be based out of its Canandaigua office.
Today, Constellation Brands is one of the fastest-growing large consumer packaged goods companies in the U.S., producing iconic beer, wine, and spirits brands such as Corona and Modelo, the Robert Mondavi brand family, Kim Crawford, The Prisoner brand family, SVEDKA Vodka, Casa Noble Tequila, and High West Whiskey. The company has close to 9,000 employees worldwide.
Congratulations to Constellation Brands! We look forward to supporting your continued worldwide growth!
#RochesterNY #newyorkstate #UpstateNY #GrowGreater #GreaterROC #economicdevelopment #downtownrevitalization #chamberofcommerce
Good morning! Welcome, and I’m happy to help with your question about economic development and the incentives local governments and municipalities use to attract big businesses.
Local governments and municipalities often offer a variety of incentives to attract businesses to their downtown areas or cities. These incentives can be broadly categorized into financial, tax-related, and infrastructure-based incentives. Here are some common examples:
- Tax Abatements: Temporary reductions or exemptions from property taxes. For example, a business might be given a property tax break for 5 to 10 years to encourage them to set up shop in a particular area.
- Tax Credits: Credits against business income taxes for creating jobs, investing in local infrastructure, or making capital improvements.
- Grants and Subsidies: Direct financial assistance to cover part of the business’s operational or development costs.
- Utility Discounts: Reductions in the cost of utilities like water, electricity, and gas, sometimes offered for a specific period.
- Land and Infrastructure: Offering land at below-market rates or providing improvements such as roads, sewage, and water systems to the site of the new business.
- Job Training Programs: Funding or providing workforce training programs to ensure that the local labor force has the skills needed by the business.
- Permitting and Regulatory Assistance: Streamlining the permitting process or providing assistance in navigating local regulations to reduce the time and cost of setting up operations.
- Reduced Sales Tax: Offering reductions or exemptions from local sales taxes for certain purchases made by the business.
- Enterprise Zones: Designating specific areas where businesses can receive various benefits like tax relief, subsidies, or reduced regulatory burdens.
The goal of these incentives is to stimulate local economic development by attracting businesses that can create jobs, increase the tax base, and promote ancillary economic activities. However, there is always a risk that businesses may leave after the incentive period ends, which is why some local governments include clawback provisions or performance agreements. These provisions require businesses to repay some of the benefits if they do not meet certain job creation or investment targets or if they leave the area before a certain period.
To mitigate the risk of businesses leaving after the incentives expire, local governments may also focus on building a supportive business environment, improving infrastructure, enhancing quality of life, and fostering a skilled workforce to make the location attractive even after the incentives period ends. Great News!
Great Job team! Congratulations.
