The Erie County Industrial Development Agency Monday okayed economic incentives that it hopes will convince General Motors Corp. assign new work to its Tonawanda engine plant.

The approved package contains two components: a sales tax abatement that would save GM an estimated $875,000 on building materials used during a $21 million plant renovation and a payment-in-lieu-of-taxes (PILOT) agreement covering the purchase of about $270 million in new production equipment.

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