NORTH TONAWANDA, N.Y. (WBEN).....Expansion plans by North Tonawanda's Taylor Devices Inc. crossed a key hurdle as the Niagara County Industrial Development Agency directors unanimously backed setting a public hearing on tax break incentive packages for the company.
The public hearing is set for 2 p.m., Oct. 28 in the North Tonawanda City Hall.
Following the hearing, the NCIDA directors - when they meet on Nov. 18 - are expected to vote on a $640,687 incentive package that will fuel the $8 million expansion.
"We are supporting a local manufacturer who continues to expand," said Jason Krempa, NCIDA chairman.
The expansion was initially reported by WBEN on Oct. 7.
Plans call for Taylor Devices (NASDAQ: TAYD) to acquire long vacant buildings at 261-267 Main Street and 34 Tompson Street, paying $975,000 for the properties.
The buildings will be renovated and used by Taylor Devices for the production of aerospace landing gear components - work that is being farmed out.
Taylor Devices' aerospace landing gear was used by NASA during the take off and moon landing for its Artemis II mission. Its energy absorbers helped mitigate shock from Artemis II's take off and landing on the moon.
Since its founding 75 years ago, Taylor Devices is best known for seismic protection systems used in developing buildings and its shock absorbers used in a variety of industries.
The expansion is being driven by Taylor Devices growth in the aerospace industry.
"They are taking two under-used buildings and re-positioning them," Krempa said. :To me, it checks a lot of boxes. We are helping a homegrown company expand. It is a win on several fronts."
Taylor Devices is one of a few North Tonawanda and Niagara County homegrown publicly traded companies.
Taylor Devices employs 130 people and expects to add at least five new jobs with the expansion.
North Tonawanda firm to invest $8 million in expansion project
North Tonawanda firm to invest $8 million in expansion project
