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Regeneron Granted Financial Incentives for Expansion Project
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May 22, 2023
By Rick Pezzullo—
The Westchester County Industrial Development Agency (IDA) recently gave final approval of financial incentives for the major expansion of Regeneron’s Tarrytown campus.
Regeneron requested $3.67 million in sales tax exemptions, of which $263,000 is foregone county tax revenue. Regeneron also requested a PILOT real estate incentive of $307 million, of which $49.3 million is foregone county tax revenue. Total incentives requested total $310.8 million, of which $49.6 million is foregone county tax revenue.
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“The expansion of Regeneron’s campus is a significant commitment to Westchester’s economy and reaffirms the county’s position as a hub for the life sciences industry,” said Westchester County Executive George Latimer. “The financial incentives provided by the Westchester IDA will help create thousands of well-paying construction and full-time jobs for our county.”
“We are thrilled to provide incentives to Regeneron, which is a major employer in Westchester with nearly 4,000 employees at its Tarrytown campus. With this expansion project, Regeneron will continue to grow as it invents life-transforming medicines for people with serious diseases,” said Joan McDonald, Chair of the Westchester County IDA.
In 2022, Regeneron broke ground on its $1.8 billion expansion project.
The project includes the construction of eight new buildings, as well as three parking garages and a utility plant. Regeneron will add approximately 900,000 square feet to its campus.
The project is expected to take place in two phases over six years, with construction expected to be completed in 2027. More than 2,700 construction jobs are estimated to be created.
Regeneron is a leading biotechnology company that invents, develops, and commercializes life-transforming medicines for people with serious diseases. Founded and led for 35 years by physician-scientists, Regeneron’s work has led to numerous FDA-approved treatments and product candidates in development.
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