A Farmingdale-based marketing and communications agency is relocating to Hauppauge following a preliminary approval of a $374,000 tax-incentives package by the Town of Islip's Industrial Development Agency.

Lorraine Gregory Communications will expand the company and renovate the new space when it moves into 40 Rabro Dr., a 47,090-square-foot industrial building on 2.7 acres of land, at a planned cost of $5.26 million, according to a news release by the town.

Greg Demetriou, the firm's president and chief executive, said the company, currently with 52 employees, has grown out of the 23,000-square-foot "typical old Long Island warehouse" it has occupied since 2001, transitioning from a printer and mailer to its new focus.

"It's been a long haul to this point," he said. "But we're very excited for the move."

The building is currently owned by Muller Martini Corp., the world's largest producer of print finishing solutions for commercial and book printers, newspapers, digital book manufacturers and trade binderies, according to the town. A call to the company Wednesday was not returned.

The incentive package, preliminarily authorized at the IDA meeting on Aug. 25, is subject to a public hearing and final IDA approval, expected to come Tuesday, the town said. If passed, the company would receive gradual annual property tax increases for 10 years, at a total savings of $310,677, the release said. Sales tax and use-tax exemptions will also be given, valued at $16,500, for materials and new equipment purchases as well as $47,250 worth of mortgage recording tax exemptions.

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"Lorraine Gregory is the latest of many companies that have chosen to continue to invest and expand in the Town of Islip with the help of our IDA," Islip Town Supervisor Angie Carpenter, who also serves as IDA chairwoman, said in a statement.

Demetriou said the company was looking at other locations, in Farmingdale and areas closer to New York City, but it was the effort by the Islip IDA to make the move as seamless as possible that sold them on Hauppauge. He expects the move in the coming weeks.

The company hopes to grow to 66 employees by the end of this year, and up to 88 at the end of 2016, Demetriou said.