WARWICK – The Orange County Industrial Development Agency Board has granted final approvals for financial incentives to Fiorello Pharmaceuticals to develop a growing, processing, manufacturing, and wholesale cannabis products facility at the Warwick Tech Park.
The company plans to develop a 400,000-square-foot facility at the site of the former Mid-Orange Correctional Facility in the Town of Warwick and receive a 15-year payment-in-lieu-of-taxes as well as sales tax exemption on construction materials and an exemption on the mortgage filing fee.
IDA Board Chairman Michael Torelli said taxing entities, which currently receive no revenue on the property, will reap full financial benefits under the arrangement.
“The ambulance and fire districts in that area will be receiving a full property tax assessment and full property taxes in regard to that. And, while we based it on just their initial investment, it shows in excess of $3.3 million in those taking jurisdictions,” he said.
Fiorello expects to start with 125 employees and once the $155 million project is underway and will add 25 new jobs per year in the near term.
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