Newton city commissioners and Harvey County commissioners have approved a development agreement for the expansion of an aerospace company.
Park Electrochemical Corporation plans to expand its aerospace manufacturing, development and design operations at the Newton City/County Airport. The company will spend $18.8 million for a 90,000 square foot expansion, doubling its existing space. The company plans to add 73 full-time jobs over the next five years. A groundbreaking is expected early next year and the expansion should be completed in early 2020.
The city of Newton will issue industrial revenue bonds to help finance construction and equipment costs. The property will be leased to the company and lease payments will be waived for ten years. The city also agreed to build a new drive entrance on the south side of the new facility, with the cost to be shared by the city and Harvey County.
Park has operated at the Newton airport since 2008.