The Wichita City Council on Tuesday unanimously approved a property tax exemption for a Wichita manufacturing company.
Leading Technology Composites, which plans to add more than 35 jobs over the next five years, has added 25,000 square feet to its manufacturing facility at 2626 W. May in southwest Wichita at a cost of $1.75 million. The company also has added $3.4 million in machinery and equipment.
The council voted 5-0 to approve a five-year, 100 percent tax exemption on the new facility under the Economic Development Exemption Program. Mayor Carl Brewer and Paul Gray were absent. The exemption can be extended for another five years.
The estimated value of the exempted property for the first year is about $52,700.
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Leading Technology Composites employs 79 people and plans to add at least 37 jobs in the next five years, according to documents filed with the city. The average wage for the new jobs will be $34,442 a year.
Leading Technology Composites was founded in 1993 to make composite-based materials and products for the aerospace, military and automotive industries.
It produces parts for vehicle systems and personal body armor plates for the U.S. military, structural assemblies for aerospace manufacturers and safety products for commercial automotive clients.
Customers includes BAE Systems, Lockheed Martin, Bombardier and Ford.