ITT Corp. will save an estimated $562,000 in sales taxes for its $14.8 million headquarters relocation project in White Plains in a lease agreement approved by the Westchester County Industrial Development Agency (IDA).
The defense electronics and services contractor and global manufacturer of pumps and motion and flow control products in 2008 will move its corporate headquarters across I-287 from 4 West Red Oak Lane to renovated 98,000-square-foot office space at 1133 Westchester Ave., the former corporate home of IBM. With the move, ITT plans to close its New Jersey offices and bring 50 employees to White Plains, where it currently has 111 employees.
Of the total project cost, ITT estimated construction contracts at $7.8 million.
County and state economic development officials are expected to grant additional real estate tax benefits and a mortgage tax exemption to keep the global conglomerate in New York. ITT, according to its IDA application, will employ more than 3,700 professionals in the state when it completes its acquisition of Buffalo-based International Motion Control. That company reported 2006 revenues of approximately $200 million.
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