Park Aerospace plans $18.8M expansion in Newton
Park Electrochemical Corp. has announced plans for a major expansion of its aerospace manufacturing, development and design operations at Newton City/County Airport.
At a special joint meeting Monday, the Newton City Commission and Harvey County Commission approved a development agreement with Park for an $18.8 million expansion that will add 90,000 square feet of manufacturing and office space, essentially doubling its existing facility.
The company plans to add 73 new full-time jobs over the next five years. The project is expected to break ground in the next six months and to be complete in early 2020.
As part of the agreement, the City declared a good-faith intention to grant a 10-year, 100 percent tax abatement on the new facility. The City also agreed to issue Industrial Revenue Bonds to finance construction and equipment costs, if Park should elect to use IRBs.
The land will be leased to the company, with lease payments waived for 10 years. The City agreed to build the new drive entrance on the south side of the new facility, with the cost to be shared between the City and County. The City also will waive building permit fees and utility hookup fees for the new facility.
Melville, New York-based Park Electrochemical develops and manufactures advanced composite materials for the aerospace industry. Park’s principal manufacturing site has operated at the Newton City/County Airport since 2008. It also runs a satellite facility in Singapore. Additional information about the company is available at www.parkelectro.com.