A 15-year Payment In Lieu Of Taxes agreement has been approved by the Chautauqua County Industrial Development Agency for a California-based company.

On Thursday, the IDA held a special meeting board meeting to approve resolutions for the Arktura project.

Last month, the IDA board first discussed the company’s plan to expand into Chautauqua County, and bring with it 50 new jobs to the area. Arktura creates custom ceiling tiles, acoustic panels and facade systems.

Officials are in the process of purchasing a 134,858-square-foot facility located at 1 Precision Way in the town of Ellicott, previously home to Acu-Rite and Heidenhain. Arktura officials plan to invest $7.3 million to expand its existing Los Angeles, California-based operations to Chautauqua County. The new plant is projected to facilitate expedited lead times to the U.S. market for its products, provide local services to East Coast markets and increase its overall production capacity. Arktura said it plans to hire 50 full-time employees during the first three years of operation.

On Thursday, the board approved a 15-year PILOT agreement for Arktura. Linda Burns, IDA business development manager, said the PILOT benefit for Arktura will total $537,000 during the 15-year agreement. She said other incentives the IDA is providing Arktura includes a sales tax exemption on construction goods, which will have a benefit of $100,000, and the mortgage recording tax exemption, which will have a savings of $56,250.

Mark Geise, IDA CEO, said this is an exciting project for the county, attracting a new business that will create 50 jobs. He said the company will also be using a building that has been vacant for a couple years.