Economic Development

Past success, future hopes fuel LIREDC’s 2018 report

By GREGORY ZELLER // The Long Island Regional Economic Development Council has met its Oct. 1 deadline and submitted its annual progress report/wish list to the Empire State Development Corp., Albany’s main economic-development engine. The 2018 progress report, titled “Long Island: Completing the Puzzle,” both highlights the efforts of the Long Island REDC since Gov. Andrew Cuomo launched his competitive statewide economic-development program in 2011 and lists the projects the regional council hopes to support…

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IDA brings Commack senior rentals closer to home

By GREGORY ZELLER // Senior citizens in Commack are still waiting to score, but the Suffolk County Industrial Development Agency has already earned an assist. The Suffolk IDA on Monday announced preliminary approval of an economic-development incentives package that will help bring a long-awaited, $26 million revitalization project to fruition – though the project, which would replace an old motel with an age-restricted rental community for residents 55 and older, still requires final approvals from…


Heavy-hitting LI BioMentor Initiative makes it official

By GREGORY ZELLER // A high-octane effort to unite regional bioentrepreneurs with qualified business mentors has formally launched – though the Long Island BioMentor Initiative is already quite busy. The LIBMI officially accepted its first program applications in a “launch event” Thursday morning at the de Seversky Mansion on the New York Institute of Technology’s Old Westbury campus. But the BioMentor Initiative is already a year into a “pilot phase,” according to founding mentor Mark…


In the land of milk and Cuomo, opportunity flows

By GREGORY ZELLER // Unemployment’s down, personal income’s up and private-sector jobs across New York State have never been more plentiful. These statistical truths and more color Empire State Development Corp.’s 2017 Annual Report, a 128-page economic-development bouquet wherein the Fortune 500 flock to Cuomoland and a river of golden opportunity flows from the gleaming capital – more specifically, $1.8 billion in ED grants, loans and tax credits, dispersed by Albany over the 12 months…


Cuomo looks to expand state’s MWBE outreach efforts

By GREGORY ZELLER // Albany is looking to expand the reach of New York’s successful MWBE Program. While current state law attaches specific “utilization” goals to the awarding of state contracts, proposed legislation would tweak the rules to include municipal contracts funded by the state – meaning counties, towns and other jurisdictions that funnel state monies into local projects would also have to meet minority- and women-owned business enterprise quotas. Gov. Andrew Cuomo announced the…


Alive and well, Start-Up NY adds two LI biotechs

By GREGORY ZELLER // Two early-stage Long Island biotechs are among 10 new companies hitching their wagon to one of Albany’s primary business-development efforts. Start-Up NY, the Empire State Development Corp. program that boosts new and expanding businesses with tax breaks and innovative academic partnerships, is opening its books to welcome 10 new businesses in the Long Island and New York City regions. The businesses – which each will launch, expand or relocate in geographic…


Analyzing the ‘power’ of Hauppauge Industrial Park

By GREGORY ZELLER // Regional rainmakers are hitting the gas in a multifaceted effort to rev up one of Long Island’s top economic engines. The Hauppauge Industrial Association of Long Island and the Suffolk County Industrial Development Agency on Friday announced a new partnership focused on Hauppauge Industrial Park, the 1,400-acre industrial cornerstone currently generating more than $870 million in annual income and property taxes. Some analysts think it can do even better – and…