Currently the Company is located in Penn Yan, NY. The existing facility does not meet the Company’s overall requirements, and therefore the Company is considering expanding the NY facility by 195,000 square feet. Undertaking this initiative is a tremendous opportunity, however extremely costly. The Company envisions this as an opportunity for the Company to attract new talent, develop and expand our business, and enhance and reinvent its workplace. The Company is being managed with a long-term perspective. The Company invests for the future and is managed for the next decade, with emphasis on growth, diversification, and sustainable development. The business model is built upon strategic, advanced technologies and skilled and innovative people to deliver performance and value to our customers. Perhaps more than any other business, the knowledge-based professional is defined by their corporate values and the policies and practices that govern daily operations. The Company is committed to the principles of customer service and the responsible development of resources to fulfill today's needs without compromising the needs and requirements of future generations.
In order to maintain this high standard of service, our core values, and retain and recruit a solid labor force, we must invest in our people and our facility. The growth of our business by an additional 15 employees and the retention of 50 employees, for a total of 65 employees and payroll in excess of $2.3M comes with a significant cost. The addition of a new wastewater treatment plant and a 195,000 square foot manufacturing/warehouse facility on land adjacent to our currently manufacturing facility is a significant undertaking.
This opportunity allows the Company to grow the business and establish our footprint. It initiates our growth and allows us to solidify and secure our presence to be a contributing member of the corporate community. This investment is approximately $21.7 million of which approximately $12.8 Million is attributable to construction and renovation of the facility; approximately $4 million will be spent on Machinery and Equipment; approximately $2.3 Million in Designing and Planning the facility; approximately $867,000 on land acquisition and the remainder (approximately $1.667 Million) for furniture and fixtures, additional technology and training, as well as contingencies. We understand the overall cost, however, if the State could assist with mitigating a portion of these costs of establishing our new facility in Yates County it would be mutually beneficial to New York State, the County, and KanPak.