Creatacor weighs growth options
Halfmoon company seeks tax breaks; move is possibility
HALFMOON A company that makes booth and kiosk promotional displays for corporate trade shows is considering whether to expand in the Halfmoon Light Industrial Park or move out of state, officials said.
Creatacor Inc. will be coming before the Saratoga County Industrial Development Agency on Monday, seeking about $165,000 in tax breaks as a possible incentive to remain and expand locally.
The proposed $1.2 million expansion, together with renovation of existing space, would add about 30,000 square feet of usable space to the company’s building in the small industrial park off Route 146, bringing Creatacor’s total operating area to 87,400 square feet.
Creatacor, which has 43 local employees, anticipates adding 15 to 20 over the next five years due to business growth, according to its IDA application.
But company officials aren’t committed to Saratoga County. The trade show business it serves is national, concentrated in Orlando, Las Vegas and several other large cities. Creatacor’s founder now lives in Florida, so the company said other parts of the country are under consideration.
“The loyalty to the employees and to the area that has supported us and helped us to achieve great success is strong but cannot be the sole factor in keeping our entire operation here in Saratoga County,” Creatacor Vice President for Operations Gerald Glynn said in a letter to IDA Chairman Raymond F. Callanan.
As incentives for remaining local, the company is asking the IDA for a six-year property tax exemption — through 2018 — on the proposed addition. The savings are estimated to be worth about $18,000 each year. The company also seeks sales tax and mortgage recording tax exemptions worth an estimated $54,000.
Creatacor also received IDA benefits when it first moved to the industrial park in 2003. It previously had been in a smaller space in Mechanicville, and received a tax-exemption deal on the Halfmoon building that expired in 2010.
Under that deal, like this one, industrial park owner Fortress Partners of Halfmoon actually received the IDA benefits, but was required to pass the benefits to Creatacor in the form of reduced lease payments.
Creatacor has kept up its end of the incentive deal, expanding and creating more new jobs than were promised, said Dennis Brobston, president of the Saratoga Economic Development Corp.
“They’re a good company,” he said.
He acknowledged, however, that an IDA incentive package might be just one offer the company is looking at, and it could still move out of the region, even if the IDA offers incentives.
Creatacor was founded in 1987 when General Electric spun off a corporate exhibits operation that had been based in Albany. The company designs, builds and delivers corporate trade show art displays.
It has worked for large companies including GE, GlobalFoundries and Time Warner Cable, according to information provided by Creatacor.
The IDA is expected to formally accept the application at the meeting Monday in Malta. The agency will need to hold a public hearing in Halfmoon before it can act on the Creatacor application.