Economic Development

Feds OK $537M loan for NYC’s Farley train project

New York has been greenlighted for more than $500 million in federal loans to covert the Farley Post Office building in Manhattan into a modern transit hub, replacing the rabbit warren of tunnels known as Penn Station. The credit program, formerly called the Transportation Infrastructure Finance and Innovation Act but better known as TIFIA, has been used repeatedly by the state for big construction projects, including the State Island ferry terminals and the new Tappen…

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Building a better economy, one tiny house at a time

By GREGORY ZELLER // Education and industry are once again joining forces, this time to ensure Long Island has the workforce it needs to capitalize on a burgeoning national industry. As the environmentally friendly Tiny House Movement builds momentum, an arrangement between Eastern Suffolk BOCES, Selden business-development services provider Dynamic Supplier Alignment and Riverhead sustainable-housing expert Hunter Shelters will school BOCES brains on the science of going small. The educational cooperative of 51 Suffolk County…


Suffolk IDA tax deal backs longtime label-maker

A decade-long tax-incentives package will allow a longtime Farmingdale-based label-maker to grow its Long Island operation. The Suffolk County Industrial Development Agency on Tuesday approved a 10-year, $332,000 package filled with tax abatements and other goodies for Precision Label Corp., a circa-1990 manufacturer and distributor of pressure-sensitive labels, printed packets and rebate cards for the pharmaceuticals, cosmetics and wine industries, among others. The tax breaks will allow the company to relocate from its 16,500-square-foot space in Farmingdale to…


Albany backs Island downtown-rehab efforts

Three Long Island downtown-restoration projects were among 75 statewide rehabilitation efforts earning state funds Thursday through Albany’s Restore New York Communities initiative. All told, project manager Empire State Development – Albany’s main economic-development engine – doled out nearly $40 million in Round 4 of the competitive initiative, which Gov. Andrew enacted as part of the state’s Fiscal Year 2016 budget Round 4 began in June 2016 with statewide towns and villages applying for program funds…


The end is nigh for sputtering Start-Up NY

By GREGORY ZELLER // While several components of Gov. Andrew Cuomo’s proposed FY2018 budget will probably meet resistance in Albany’s corridors of power, at least one is likely to sail straight to legislative approval: the end of the Start-Up NY program. While not officially terminating Empire State Development’s underachieving economic-development effort, the governor’s spending plan purposefully rebrands it: Say hello to the Excelsior Business Program (but make it quick, because phonetic similarities to the existing…


LI rainmakers applaud Albany’s life-science focus

By GREGORY ZELLER // A day before sharing his 2017 social and economic vision for Long Island, Gov. Andrew Cuomo offered some music for the Island’s ears. Cuomo, who on Monday delivered the Buffalo and New York City versions of his 2017 State of the State proposals, is scheduled to bring his annual SOTS tour east on Tuesday. But first, his office reaffirmed the governor’s plans to pump $650 million into the state’s burgeoning life-sciences…


Suffolk IDA approves RPA spending

Suffolk County’s Industrial Development Agency has re-upped its consulting agreement with the NYC-based Regional Plan Association, experts at redeveloping downtowns and creating next-gen housing and transportation hubs. The IDA approved spending up to $100,000 with RPA in 2017, continuing a relationship that extends back to 2013. Since then, the RPA has worked with several Suffolk communities, including Lindenhurst, Amityville, Smithtown, Kings Park and the town of Babylon.