Economic Development

Preliminary approval for high-tech, housing tax deals

Dozens of high-paying tech jobs and affordable rental housing for those who aren’t paid quite that much are in the mix with two transactions preliminarily approved Thursday by the Suffolk County Industrial Development Agency. The IDA took a step toward green-lighting an incentives package for Melville-based technology products and services provider NeuLion Inc., which specializes in the broadcasting, distribution and monetization of live and on-demand digital video content. With the agency’s help, NeuLion plans to more than double…


With $800 million at stake, let the games begin

It’s on: Governor Andrew Cuomo on Tuesday officially opened the seventh round of the annual Regional Economic Development Council competition, a statewide funding contest in which each of the state’s 10 economic-development zones wins, but some win more. This year, the 10 REDCs will be combing through individual project pitches and preparing master proposals for their slice of the chunkiest state pie yet: more than $800 million in economic-development resources, including grants, tax breaks and…


LISTnet’s bursting Ballpark adds new office

By GREGORY ZELLER // They’re cramming them into the Digital Ballpark, the Long Island Software & Technology Network’s price-controlled Plainview co-working space. Currently juggling about 20 full-time residents, the Ballpark – a joint project with Stony Brook University’s Center of Excellence in Wireless and Information Technology and Infosys International, which owns the building at 100 Terminal Drive – is expanding. With more professional clients interested in the co-working facility’s private offices, shared spaces and tech-friendly…


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.


Center for Biotechnology answers feds’ ‘Challenge’

A $500,000 U.S. Department of Commerce “challenge award” for the Center for Biotechnology at Stony Brook University is part of a $15 million round of federal economic-growth stipends – including nearly $2 million for New York-based initiatives. The Center for Biotechnology – designated a Center for Advanced Technology by NYSTAR, the science and innovation division of Empire State Development, Albany’s main economic-development engine – received the largest of the six federal awards announced Thursday. The…


LIREDC can’t win ’em all, but finds solace in $62M

By GREGORY ZELLER // While $62 million is nothing to sneeze at, it’s fair to say the Long Island Regional Economic Development Council was hoping for more. The LIREDC – a four-time “Top Performer” in Empire State Development’s annual funding contest, which marked the completion of its sixth round Thursday with an Albany awards ceremony – had submitted an ambitious agenda filled with 112 projects covering biotechnology, synthetics manufacturing, aerospace and half-a-dozen other key industries,…


LICA sets flashy lineup for Healthcare Forum

By GREGORY ZELLER // The Long Island Capital Alliance has announced a high-profile roster of presenters and panelists for its Dec. 9 Healthcare Capital Forum. The event – one of several capital forums hosted annually by the Capital Alliance, which aims to put regional early-stage companies in front of an experienced review board and an audience of potential investors from Long Island and beyond– has attracted a healthy cross-section of healthcare startups, including two based…


LI Bioscience Hub backs 10 in new funding round

By GREGORY ZELLER // A fresh batch of commercially promising biomedical innovations has been funded by the Long Island Bioscience Hub. The LIBH’s third round of grant awards – bestowed upon 10 distinct applicants hailing from Stony Brook University, Cold Spring Harbor Laboratory and the Feinstein Institute for Medical Research, three of the hub’s four partner institutions – totals $550,000. Stony Brook-based research earned seven of the awards, including the only $100,000 “proof of concept”…


Schumer: Biz-development funds big deal for SBU

By GREGORY ZELLER // New York’s two U.S. Senators, including the freshly minted Senate minority leader, are heralding a series of competitive U.S. Department of Commerce grants that will fund business-development initiatives around the nation – including formal mentoring and new training through Stony Brook University’s Center for Biotechnology. The SBU initiatives, including seminars for companies competing for National Institutes of Health funding, will be covered by a $500,000 grant from the Commerce Department’s Economic…


Start-Up NY adds 39, including two LI companies

By GREGORY ZELLER // Thirty-nine early-stage companies, including two on Long Island, have been welcomed into the Start-Up NY program. The companies will either launch in or relocate to “tax-free zones” at or near New York colleges and universities – an ambitious program designed to let entrepreneurs hold onto working capital while simultaneously fostering innovation hubs and bolstering regional economies. The Long Island region will be bolstered by the creation of 26 new jobs, according…