Statement from Montgomery County Business Development Center CEO Ken Rose:
(FONDA, NY) — The exclusive option agreement between Montgomery County and E29 Labs, announced during last week’s meeting of the Montgomery County Legislature’s Economic Development and Planning Committee, received Legislative approval during tonight’s meeting of the full Legislature.
Montgomery County Business Development Center CEO Ken Rose thanked the Legislature for their support of the development agreement saying, “For more than a decade the County and the Business Development Center have been working to revitalize the Exit 29 site because it is a transformational opportunity for the Village of Canajoharie and the community as a whole. Today’s approval is another positive step forward in returning the dormant former home of Beech-Nut Foods to its place as a powerful economic engine for our area.
“The long-term economic impact of the property and the investment by E29 Labs has the potential to be significant and our office is looking forward to working with their team of professionals to ensure the site reaches its full potential. This investment will grow the local economy and provide a range of job opportunities.”
Under the terms of the agreement with E29 Labs, Montgomery County will receive a non-refundable deposit against a $550,000 purchase price for the land encompassing their portion of the site. E29 Labs will have exclusive rights for up to twelve months to conduct a due diligence process and review of the property including performing necessary environmental testing, investigations, and inspections related to the proposed manufacturing facility. The company has committed to expend resources to for site prep work and any necessary remediation at its cost. Montgomery County and E29 Labs will also be negotiating a larger community benefit package as components of the redevelopment of the site. Returning the property back to private holding would also result in significant savings to the County.