Tioga County IDA breaks down Lockheed’s $51M PILOT proposal

By Matt Freeze —

OWEGO — There were no questions or comments from the public at the Tioga County Industrial Development Agency’s hearing on a proposed $51 million PILOT renovation at Lockheed Martin.

IDA Attorney Joe Meagher said the renovations are proposed for Lockheed’s 70,000-square-foot building, designated Building 080, located on three acres at 1801 State Route 17C.

The space will be used for manufacturing aerospace and defense products.

IDA Chairman Jon Ward said the company has estimated 100 new full-time positions following completion, as well as 74 direct and 15 indirect construction jobs.

In terms of economic impact, the cost-benefit analysis of the project, if approved, shows total expected earnings during the life of the 20-year PILOT at $162.48 million.

The project calls for $1.6 million in local sales tax exemption and $1.6 million in state sales tax exemption.

Local benefits of the project’s completion are estimated at $139.97 million at a cost of $59.77 million, or a 2-to-1 ratio, according to the cost-benefit analysis.

State benefits of completion are estimated at $8.79 million at a cost of $1.6 million, or a 5-to-1 ratio.

Additionally, the IDA noted that Lockheed is a top-five employer in the Southern Tier and the number one employer in Tioga County, while being the third-largest taxpayer in the county.

IDA comments on the project said it shows Lockheed Martin’s ongoing commitment to Owego, the county, and the region as a whole.

The IDA board will vote on whether to enter the PILOT agreement in the near future.

(Matt Freeze is a senior writer with the Sayre Morning Times)