Lockport Union-Sun & Journal — Gooding Co., Inc. is getting some assistance for its planned expansion, following approval Thursday of a tax break from the Town of Lockport Industrial Development Agency.
Following a public hearing Thursday, members of the IDA Board of Directors voted to approve the tax abatement for Gooding Co.
The Davison Road-based company will receive a 15-year Payment-In-Lieu-of-Taxes agreement, a standard deal for manufacturers. That would include an 80 percent tax abatement for the first two years, which would then be reduced to a 70 percent abatement for years three and four.
Years five through nine would come with a 60 percent abatement, then a 50 percent abatement for the rest of the PILOT agreement.
Gooding is located in the Ulrich Business Park off the south end of Davison. It moved there in 1999 from Gooding Street in the city
The expansion project is expected to generate an estimated $2.7 million in benefits to the state and region; the IDA said, while the estimated value of the incentives to Gooding are $147,628.
The project will expand Gooding’s production area by more than double its current size.
The 5568 Davison Road location will add somewhere between 12,500 to 15,000 square-feet of production space. The current location is 16,500 square feet, but not all of it is used for production. The 137-year-old company is a manufacturer of inserts and outserts for the pharmaceutical and medical industries.
Gooding Co. President Jerry Hace met with the IDA Board of Directors last month. At that meeting, Hace said Gooding has added several new machines in the past year, including one machine in particular that can fold a paper insert over 200 times. Sales have risen by 20 percent in the last two years and now approach $6.5 million a year.
Gooding employs 34 full time workers and six temporary employees.