Plans for Bay Photo’s impending move to Scotts Valley into Seagate’s former campus on Disc Drive are developing rapidly.
Escrow on the 17-acre site closed Sept. 1, according to Bay Photo President Larry Abitbol.
The decision to purchase the property came about quickly, Abitbol said, as its sudden availability was a bit of a surprise.
He said Bay Photo put in a bid right away, using the escrow process to check out the site more closely.
The company gained approval July 26 for about $8.8 million in low-interest, tax-exempt industrial development revenue bonds from the board of the state-run California Infrastructure and Economic Development Bank. That money will help the company with the estimated $10.7 million cost to buy and modify the property.
Abitbol said Bay Photo employees are clearing out the former Seagate buildings in preparation for a remodel that will connect two buildings into one large space for photo printing and finishing. After the 9,000-square-foot addition that will connect the buildings, the Bay Photo will occupy 105,000 square feet.
A 50,000-square-foot third building will be rented out if Bay Photo can find a tenant, he said.
The company will move its entire operation from western Santa Cruz to Scotts Valley, taking with it between 150 and 200 workers. Whether new jobs will become available, Abitbol said, depends on several factors.
“Right now, (the Seagate property) is the expansion,” he said. “It’s a matter of seeing where the market takes us.”
The actual move is expected to take place in 2012, with the new headquarters opening sometime between March and July.
Abitbol said the city has been accommodating and welcoming to the company.
“(City staffers) have been really great to work with,” he said. “We’re just glad to be moving here.”
