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Deals & Dealmakers

Hempstead IDA give preliminary okay to incentives for expansion of Parabit Systems in Roosevelt

Fred Parola, CEO of the Town of Hempstead Industrial Development Agency (IDA), announced that the agency has given preliminary approval to a package of economic development incentives that will assist thriving high- tech manufacturer Parabit Systems Inc. expand in Roosevelt and remain on Long Island.

The IDA, meeting on Jan. 31, voted to grant preliminary approval to the incentives for the construction of a 7,820-square-foot addition on vacant land at 33-35 Debevoise Ave. purchased from the Town of Hempstead. The $3 million project will bring the total square feet of the Parabit’s manufacturing facility in Roosevelt to 28,825 and allow Parabit to purchase a laser cutting device.

Privately owned Parabit said it is undertaking the expansion to meet increased demands for the kiosks and ATM access control systems it produces for banks and airports, among other industries.

The company, which said It had considered moving to the Southeast, is seeking to extend its current PILOT agreement, which has two years remaining, by an additional 10 years. Zoning approvals are in place.

Parabit, which has its offices in Bellmore and counts as its customers 25 of the top 30 banks in the U.S., said that after completion of the expansion it will add 13 full-time jobswith an average annual salary of more than $95,000 to its payroll, now at 57 full-time equivalent employees in Roosevelt.

“We’re thankful that Parabit has chosen to expand within the town and create additional good paying jobs,” said Parola.

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