Wednesday, September 20, 2006
By Heather L. VanDyke
CHRONICLE STAFF WRITER

A six-year tax break is better than no break at all, according to the president of a Roosevelt Park manufacturer that is expanding its product line, facility and full-time staff.

The Roosevelt Park City Council on Monday granted GMI Composites Inc. -- which has operated at 1355 W. Sherman for 22 years -- a six-year tax abatement with the option for an extension of up to six more years.

The company originally requested a 10-year tax exemption on 50 percent of the value of an addition to its existing 42,000-square-foot facility. Half the value of the 12,000-square-foot addition is estimated to be roughly $505,000, according to the company's application.

City council members agreed that they should follow the city's normal practice of granting the minimum number of years for an abatement with an option to extend that abatement as long as the company hires the number of employees promised and stays current with city taxes. Tax abatement certificates generally range from six to 12 years, according to city officials.

GMI plans to add five full-time employees to its work force of 43.

Despite some hard times prior to 2002, the company is thriving and the tax break will bring more jobs and productivity to the city, said GMI President Robert C. Brady.

The company specializes in molding structural composites, such as polyester and epoxy, by using several different processes, including injection and compression molding and resin transfer molding, according to the company's Web site. Company officials are hoping to make their own line of manhole covers in the new addition currently under construction.

City officials said despite the tax abatement, taxing districts, such as the Downtown Development Authority, will still receive about $2,930 a year from GMI.