Yankee Marine Expansion in Lake George
Yankee Marine Group’s Vice President of Operations Andrew Brodie and Yankee Marine Group have been awarded a $250,000 tax incentive package for a boat storage expansion project. Yankee Marine Group will be developing 9 acres along Route 9N in Lake George, to expand their boat storage business.
Yankee Marine Group is a second-generation family-owned marine retail and service business. They have been in operation since 1966; building and expanding their business for over 50 years! Yankee Marine offers a full selection of boats, boat rentals, storage, and a fuel dock, as well as boating accessories.
This expansion is estimated to cost $3-million, and will be partially offset by a $22,342 mortgage tax exemption and a $112,695 sales tax incentive from the Warren-Washington Industrial Development Agency. There is also a payment-in-lieu-of-taxes agreement that will save the company $117,744 over 10 years.
The Warren-Washington Industrial Development Agency (IDA) provides financial assistance and incentives to the business community. According to their website, this corporation is a public benefits corporation, created to promote, develop, encourage, and assist in the construction, expansion, and equipping of economically sound industrial and commercial facilities.
The Warren-Washington IDA helps to maximize private capital investment in the economy of Warren and Washington County. Their goal is to develop opportunities for both job creation and retention through use of industrial development bonds, tax abatements, and private investment.
The development of the 9-acre lot along route 9N will help Yankee Marine Group free up space at the marina by creating two 11,000 square foot storage buildings that will hold 240 boats, with additional storage for 100 to 110 boats outside.
Currently, Yankee Marine employs a dozen year-round employees, and forty employees throughout the peak summer season. This expansion will increase the number of employees, and streamline the escalation of business leading up to the summer season.