Executive Astorino and IDA complete agreement package with OrthoNet

The headquarters of OrthoNet Holdings Inc. will remain in the city with the help of financial inducements from the county's Industrial Development Agency (IDA) and the state, according to county executive Robert Astorino. "From day one I have made economic growth a cornerstone of my administration," said Astorino. "Attracting and retaining business in Westchester is how to put people to work and strengthen the economy. Partnering with OrthoNet not only maintained jobs but created new ones. I would also like to thank Empire State Development (ESD) for collaborating with my IDA team to make this possible." Founded in 1995, OrthoNet is the leading orthopaedic specialty benefit management company in the U.S. with a workforce of 440 people, of which 350 jobs are in the city. The expansion forecasts an increase of 155 employees in the city. OrthoNet considered leaving Westchester for Connecticut taking with it the 350 jobs until Astorino intervened. Now, not only will the OrthoNet headquarters remain in Westchester, but they plan to expand. "We are excited about keeping and expanding our business in Westchester," said OrthoNet president and CEO Dr. Roger Shedlin. "This means our excellent local workforce will not face relocation or disruption. The support from ESD and WIDA will help enable our continued growth, and job creation, here in New York" As part of the agreement package to keep OrthoNet in the city, the county's IDA has approved $31,000 in sales tax exemptions and use tax on the purchase, installation and maintenance of building materials, furniture and equipment. The package also includes up to $3 million in Excelsior Tax Credits from Empire State Development. Empire State Development president, CEO & sommissioner Kenneth Adams said, "As OrthoNet grows so will employment opportunities for Hudson Valley residents. Over the next five years, their aggressive agenda for corporate expansion has the potential for significant job creation and economic activity to support the local community. I want to thank our local partners, including Westchester County executive Rob Astorino and his strong team for their outstanding efforts in helping keep these jobs in the Hudson Valley." OrthoNet is yet another success story for Westchester's IDA job growth initiative. "This win is crucial because firms such as OrthoNet are the backbone of the county's 'intellectual capital economy,' as Westchester's healthcare sector continues driving job growth today," said Laurence Gottlieb, Westchester County's director of economic development. "When you add this expansion to recent announcements about Dannon, Atlas Air and Acorda Therapeutics, Westchester County is well-positioned for the future as the state slowly emerges from the current recession." OrthoNet headquarters is located at 1311 Mamaroneck Ave. # 240.