The Islip Town Industrial Development Agency has passed three inducement resolutions that set in motion a plan to give hundreds of thousands of dollars in tax benefits to companies expanding their businesses in the town.
Thuro Metal Products, which makes precision component parts for airplanes, automated teller machines and food processing equipment located at 21-29 Grand Blvd. in Brentwood, is looking to invest $4 million to expand into 46-50 Grand Blvd., said Bill Mannix, executive director of the town IDA.
Thuro pays an average salary of $43,300 to its 55 employees and is expected to hire six more, Mannix said. The tax breaks would give the company savings of $273,000 in property taxes, $5,775 in mortgage recording tax, and $4,325 in sales tax, Mannix said.
“As a kind of a legacy manufacturing operation, these are the kinds of companies that started here because of the strength of the aerospace industry on Long Island,” Mannix said of Thuro, which had been contemplating moving to Texas where it once had a facility. “It’s really important we keep these kinds of businesses here.”
The owner of Caneel Bay LLC has plans to turn property at 98 Carleton Ave. into a mixed-use development in downtown Central Islip with a 6,000-square-foot building after adding second-floor apartments. The $1.1 million investment will include office space on the ground floor, Mannix said. The company will receive benefits worth $236,000 in property tax savings over 14 years as well as $30,187 in onetime sales tax savings.
“This has been since 1987 a corridor where the town has looked to attract this kind of investment and not always with great success,” Mannix said. “So we’re welcoming this.”
Public hearings on the proposed tax incentives will be held for the Caneel Bay and Thuro projects on Feb. 13 starting at 10 and 10:30 a.m., respectively.
The third company, Big Apple Sign Corp., at 3 Oval Dr. in Islandia, makes signs, including those for storefronts, billboards and wall murals. It is looking to invest $4.26 million to renovate its existing structure and to build a new facility next door on Bridge Road in Central Islip. The company has 105 employees at an average salary of $52,000 and is expected to create 15 more jobs over a two-year period, Mannix said.
Tax benefits for this company, whose owners had been looking to move production to either New Jersey or Maryland, have not yet been calculated, Mannix said, and a public hearing date for Big Apple Signs has not yet been set.
After public hearings, the IDA board is to vote at a future date on authorizing resolutions to confirm the benefits, Mannix said. The five-member IDA board is made up of the town board members.