NORWICH - Yet another business is poised to receive a break on its property taxes as a result of the year-end gathering of the Industrial Development Corporation last week.

IDA board members, meeting at the Chenango County Chamber of Commerce offices in the Eaton Center on Dec. 20, decided to proceed with an application to renew a payment-in-lieu of taxes agreement for OSG Pharmaceuticals of North Norwich.

The IDA officially awarded PILOTs to the potential buyer of the Eaton Center in Norwich and Bytheway Publishing Services of North Norwich. A public hearing and formal vote on OSG’s PILOT will follow after the new year, sometime before the company’s previous benefit expires on March 1.

This is the fourth, 10-year, 50 percent rate reduction agreement awarded to the pharmaceutical companies that have occupied the current OSG site since the mid 1970s. The Norwich Pharmacal Company received a 10-year, 50 percent reduction agreement upon constructing the building in 1975. Procter & Gamble Pharmaceuticals requested and received two facsimile PILOTs, one in 1986 and again in 1995.

The exemption saves the company approximately $47,000 a year on property taxes, Executive President Chris Calhoun said. OSG pays nearly $250,000 in property and school taxes annually

Upon receipt of OSG’s initial application request, IDA members attempted to decrease the exemption to 40 percent. Economic Development Director Maureen Carpenter said she suggested the reduction, but Calhoun held fast to the 50 percent rate.