Economic Development

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…


Islanders drive $1B ‘economic engine’ to Belmont Park

By GREGORY ZELLER // The Islanders are coming home. With eighth-wonder-of-the-world fanfare, Gov. Andrew Cuomo announced the 10th proposal of his 2018 State of the State agenda Wednesday: bringing home Long Island’s once-and-future National Hockey League franchise. The Islanders – who played their last game in the old Nassau Coliseum on April 25, 2015, before relocating to Brooklyn’s Barclays Center – are returning to Nassau County, with Cuomo et al announcing that the team’s $1…


IDA’s numbers look right to Broadridge Investor Coms

By GREGORY ZELLER // An investor-communications specialist will upgrade and expand in Suffolk County, with a little help from the county’s Industrial Development Agency. The IDA on Thursday gave preliminary approval to a transaction that would help Broadridge Investor Communication Solutions, a subsidiary of Lake Success-based Broadridge Financial Solutions, renovate two existing Suffolk County offices and make equipment upgrades at three of the subsidiary’s properties. Among the projects on Broadridge Investor Communication Solutions to-do list:…


Long Island REDC rebounds with ‘Top’ $84.3M haul

By GREGORY ZELLER // The Long Island Regional Economic Development Council is back on top, once again ranked as a “Top Performer” in Albany’s annual REDC sweepstakes with a hefty $84.3 million haul. That’s terrific news for the “priority” and “regionally significant” projects on the LIREDC’s 2017 wish list, which included funding for a waterfront revitalization effort in Greenport, a new technology-focused Digital Ballpark business incubator in the Wyandanch Village development and 31 other projects…


Nassau IDA incentives snag NYC tech firm

A New York City-based tech firm will relocate to Port Washington, bringing 163 existing jobs and creating 255 more. Lured by an economic-development incentives package from the Nassau County Industrial Development Agency, Agilant Solutions Inc. – formerly known as ASI System Integration Inc. – plans to move its national headquarters from Manhattan to a 72,500-square-foot Seaview Boulevard warehouse and office building owned by Port Washington-based cosmetics company Ivy Enterprises. In addition to relocating and/or creating…


Suffolk IDA package gives relocating PT firm a leg up

By GREGORY ZELLER // A Whitestone-based physical therapy network has received a shot in the arm from the Suffolk County Industrial Development Agency. The IDA on Thursday offered preliminary approval for an economic-development incentives package that will allow PPT Management LLC, a multistate provider of physical rehabilitation and hand-therapy services, to close its administrative offices in Queens and Nassau County and establish a new corporate headquarters in Melville. PPT Management, which was founded in 1998…


Ronkonkoma Hub (finally) gets its Brookhaven IDA deal

By GREGORY ZELLER // The ambitious Ronkonkoma Hub development project has at long last secured an incentives package from the Town of Brookhaven Industrial Development Agency. The tax-abatement deal has been a long time coming: Phase 1 of Tritec Real Estate Co.’s $538 million, transit-oriented commercial and residential master plan actually earned unanimous approval in 2014 for a Brookhaven IDA economic-benefits package. But the long-discussed project – “soon expected to break ground,” according to the…


At Stony Brook’s CEWIT, never too old to incubate

By GREGORY ZELLER // A Stony Brook University business-development program known primarily as a haven for startups has opened its doors to a 24-year-old tech innovator. Islandia-based “medical informatics” firm ZyDoc Corp. has been accepted into SBU’s Incubator Program and will move a research-and-development team this month into the university’s Center of Excellence in Wireless and Information Technology. Although CEWIT’s own mission statement lists “new enterprise development” as a core function, ZyDoc – launched in…


LICA cooks up tasty Food & Beverage investor forum

By GREGORY ZELLER // Bring your appetite to the Long Island Capital Alliance’s next Capital Forum. After three quarterly innovator-meets-investor events with a decidedly high-tech flavor – early-stage technology in March, cybersecurity in June, healthcare in September – LICA will wrap up its 2017 series with a Food & Beverage Capital Forum, spotlighting “premier growth companies” in the gastronomical realm. As always, the event will feature a handful of what LICA calls “dynamic, emerging companies”…


With ESD’s help, Seviroli plans a new pasta course

By GREGORY ZELLER // A maker of “artisan dining at home” selections is expanding its foodie-friendly Long Island footprint. The Empire State Development Corp., Albany’s main economic-development engine, announced Thursday that Seviroli Foods Inc. will grow its regional presence with the acquisition of a 33,000-square-foot production and warehouse facility in Garden City. Leveraging $350,000 in performance-based tax credits offered through ESD’s Excelsior Jobs Program, the company will invest $9 million to acquire and renovate multiple…


Tomorrow’s health tech to shine at LICA Capital Forum

By GREGORY ZELLER // Another intriguing combination of presenters and panelists marks the next Capital Forum on the Long Island Capital Alliance’s schedule, this one focused on the lifeblood of the Island’s innovation economy. Following a June networker centered around cybersecurity startups and a March pitch-a-thon spotlighting early-stage technology firms, the latest Capital Forum returns to healthcare, a Long Island socioeconomic cornerstone that has naturally become a go-to theme for LICA and its (roughly) quarterly…


Suffolk IDA engineers deal for new national HQ

A corporate consolidation in Melville is in the works, thanks in part to the Suffolk County Industrial Development Agency. The agency on Thursday issued preliminary approval for a transaction that will help Grace Industries LLC establish a national corporate office – a $17 million company investment that will consolidate several of the civil engineering firm’s existing offices in the new Melville HQ. Grace Industries, a subsidiary of the Plainview-based civil engineering conglomerate Haugland Group, currently…