High Tech Solutions LLC, a five-year-old company that makes parts for the aerospace industry, plans a $6.4 million expansion in Lee’s Summit.
A new 22,000-square-foot building at 1440 S.E. Broadway Drive will allow it to triple its workforce, the company said Monday.
The expansion is assisted by a 10-year, 75 percent tax abatement incentive from the city of Lee’s Summit through the Land Clearance for Redevelopment Authority. The estimated value of the abatement over the 10 years is $360,296.
The agreement requires High Tech to invest $8 million in capital equipment over the next five years. It also must retain its 19 existing jobs and add 46 positions.
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The company’s current facility is about two blocks north of the new site. Construction at the new site is expected to begin in March.
Company president Dan Phillips said the property tax abatement “has a direct impact on our day-to-day cost, which enables us to win more work.”
Phillips said the company “can’t charge more just because we are in Lee’s Summit. We compete in the worldwide market where work is awarded to the low bidder. The money we bring into the community comes from places like Mexico, Canada, California and Texas, not just recycling Lee’s Summit dollars.”