An auto body business will get economic incentives from the Town of Hempstead Industrial Development Agency to assist with a $7 million project in Garden City.
Prosperity Avenue Holdings LLC, an affiliate of Great Neck-based Paul’s Auto Repair and Collision, plans to renovate and equip the 11,900-square-foot industrial building on .36 acres at 585 Commercial Ave.
Owner Paul Wilson plans to have 30 employees with an average salary of $60,000 within three years at the new facility, according to an IDA statement. The repair center, which will also serve as a training facility, will offer its services to other collision repair firms, auto dealers, car rental businesses and insurance companies.
Current annual property taxes on the 66-year-old building are $44,808 and the taxes are estimated to rise to $76,000 by the end of a 15-year payment-in-lieu-of-taxes agreement.
“This project not only will generate economic growth, new jobs for the residents of the Town of Hempstead, but also will provide vocation training,” Fred Parola, Hempstead IDA CEO, said in the statement.