Dean Baldwin Painting signed a 30-year lease agreement with Miami County to use the hangar. Tidd said the yearly lease payments will go toward paying off the federal and state loans.
Baldwin said the company will hire more than 200 workers by the end of the year, with an annual payroll of around $6 million.
Tidd said studies estimate the facility will have an economic impact of $162 million in the area over its first five years of operation.
The expansion nearly doubles the size of the company, which currently employees 240 people at its facilities in New Mexico, Texas and Arizona.
Dean Baldwin previously was set to move into the new facility in December, but two fires and delays in supply deliveries delayed the renovation project.
“We’re anxious to move in,” Baldwin said. “We can’t wait to get started, and we’re almost there. But we wish we could have moved in earlier.”
Tidd said county officials are currently trying to attract other aviation-related companies to Grissom Aeroplex that could offer services on all the planes flying in to be painted by Dean Baldwin.
“I wish the hangar renovation project would have happened sooner and on schedule, but there’s always unexpected things that come up on these kinds of projects,” he said. “But after four years, it’s really great to see it all coming together.”
Carson Gerber is a Kokomo Tribune reporter. He may be reached at 765-854-6739, or by email at firstname.lastname@example.org.