Islip Town’s Industrial Development Agency on Tuesday approved a final resolution that will save an expanding business in Bohemia about $160,000 annually in property taxes over 10 years.
CMB Wireless Group, a mobile phone remanufacturer, is adding 60 jobs to its business at 4000 Veterans Memorial Hwy., bringing its total workforce to 310, Islip IDA executive director Bill Mannix said.
The agency uses such tax arrangements to encourage businesses to invest and expand in the town.
“This company was a little kernel a few years back and is growing exponentially,” Mannix said. “We already run the risk of losing fast-growing companies to lower-cost and lower-taxed areas.”
The company, which is purchasing an adjacent existing building, repurposes used mobile phones and cell phone equipment. A CMB spokesman was not available for comment, but Mannix said the company is expected to close on the property next week.
CMB is the second mobile phone remanufacturer Islip has provided with financial assistance; in 2000, First Wireless Group, in nearby Ronkonkoma, pledged to add 73 jobs over a two-year period in return for $190,000 in tax forgiveness over nine years, beginning in the 2002-03 tax year.
By 2010, First Wireless’ workforce had actually grown by 156 jobs, Mannix said.