Orange & Rockland Doubles New Business Incentive

Orange & Rockland Utilities announced Thursday that it doubled the economic development incentive it offers to new businesses to 20 percent.

The offer, designed get businesses to relocate to the utility company's service area in New York State, is good for five years to qualified companies.

"Attracting new businesses and expanding existing businesses here are all about new jobs and what those new jobs mean to the community in terms of economic recovery, stability, security and growth," said Richard M. Struck, O&R's Director of Economic Development.

The discounted rate is also available to businesses that already exist within O&R's service area if they plan a large enough expansion.

According to a press release from O&R, businesses qualify for the economic devlopment rate if they "Are a manufacturer or if they provide a variety of businesses services such as information technology, product distribution, finance, insurance, real estate and several additional business categories."

O&R has offered a 10 percent economic development rate since the 1980s.

"The increased O&R incentive is an important piece in devising a competitive financial package to attract new business to Rockland County," said Ron Hicks, President and CEO of the Rockland Economic Development Corporation.