POST FALLS, Idaho— An aerospace parts manufacturer has begun construction on a $4.9 million, 65,000-square-foot facility in Post Falls.
Advanced Thermoplastics Composites Manufacturing, also known as ATC, is moving from Spokane Valley next year, bringing with them more than 70 jobs and plans to hire as many as 45 more staffers, The CDA Press reported.
“We are excited to have the opportunity to bring better-paying jobs to Post Falls and to help build the tax base,” said Hilary Anderson, Post Falls planning and economic development manager. “A company like ATC will be a great addition to the community and will help expand the aerospace industry in North Idaho.”
ATC Manufacturing was established in 2004 and started production in 2006. It specializes in the press forming of thermoplastic composites — materials which are processed with heat — primarily for the aerospace industry. It makes carbon fiber parts — the same material used for race cars — for aerospace equipment such as Boeing 777 airliners.
The Post Falls City Council last month approved the creation of an industrial development corporation, or IDC, to set up tax-free financing for ATC to attract business to Post Falls.
IDCs are state-approved economic development tools in which as much as $10 million in tax-exempt bonds can be issued to for-profit entities. IDCs function separately from the city councils and county governments which form them.
City officials said the IDC will have no effect on taxpayers and no city funds will be spent. However, some building fees were waived as the city must show “meaningful” ways to help the state attract business.
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