Canastota Development Corporation

Expenses incurred in conjunction with the provision of facilities to startup businesses. From the period beginning 7/01/22 & ending 6/30/23 the madison county business incubator center, located within the Canastota industrial park & measuring 14,400 sq. Feet, provided affordable rental space to 7 tenants for startups. Space is rented to new tenants at a base rate of 3.50 per square foot for the first year that they are located within the incubator center. Rental expense includes the charges for heat, water, sewer, maintenance, and snow removal. Each year tenants receive a rent increase of 0.50 per square foot of space occupied. The building had one unoccupied bay unit and three unoccupied office suites at 6/30/23. An active on-going advertising campaign will work to identify & welcome new tenants to the incubator to any available units within the coming year.

.