Syracuse, N.Y. — The Onondaga County Industrial Development Agency on Thursday approved nearly $16 million in tax breaks for a technology company expansion that is to create 400 jobs in DeWitt.
The agency voted to grant TTM Technologies Inc. a payment-in-lieu-of-tax agreement that will save the company $10.6 million in property taxes over 30 years, as well as $4.5 million in sales taxes on construction materials and $825,000 in mortgage recording tax.
TTM, which bought Anaren Inc. five years ago, will receive a 100% property tax exemption on the new facility for 21 years. The exemption will be phased out over the next nine years.
The expansion would nearly double the workforce at TTM’s DeWitt location.
TTM announced in the fall that it plans to build a 214,770-square-foot facility on 23 acres of land on Fly Road, a little north of its current facility on Kirkville Road, to produce integrated circuit boards and ultra high-density interconnect printed circuit boards for the U.S. military. Circuit boards connect computer chips to electronic devices.
Based in Santa Ana, California, TTM employs 508 people at its current facility in DeWitt. It said it expects the $122.4 million expansion to create 400 jobs over four years.
The new jobs, ranging from production operators to engineers, will pay from $53,000 to $112,000 a year, according to the company.
“This is such a great project at almost all levels,” said agency Chairman Pat Hogan.
TTM and its predecessor in DeWitt, Anaren Inc., have produced microelectronics for the aerospace and defense industries since 1967. TTM bought Anaren for $775 million in 2018.
The state has agreed to give the company up to $17 million in income tax credits via its Excelsior Jobs program if TTM meets its job and investment commitments. New York also plans to award the company a $5 million grant for the expansion.
Rick Moriarty covers business news and consumer issues. Got a tip, comment or story idea? Contact him anytime: Email | X | Facebook | 315-470-3148
