Economic Development

State adds 16 to Start-Up NY program; none here

Sixteen new companies have been added to the Start-Up NY program, with next-level technological endeavors once again setting the tone. Start-Up NY creates zones around colleges and universities where businesses that commit to creating net new jobs in New York State can operate 100 percent tax-free for 10 years – paying no state income tax, business or corporate state or local taxes, sales tax, property tax or franchise fees. The companies also partner with sponsoring…


LI wins $98.3M in state eco-dev contest

Long Island was awarded $98.3 million in state aid for construction and other projects that boost job creation in the state’s annual economic development competition, making it one of the so-called “top performers” in the program. The state funding covers 121 Long Island projects, including $3 million for Nassau Hub site improvements, $2.25 million to develop new vaccines at Farmingdale State College and $1.6 million to help Winthrop University Hospital expand its diabetes and obesity…


Hot Spots program hot stuff for startups

Stony Brook University on Friday officially launched the region’s Innovation Hot Spot program, a state initiative that offers tax breaks, mentoring, education and business development help for startup companies housed in, or affiliated with a half dozen of the Island’s incubator programs. Administered by Empire State Development and run locally by SBU, the program exempts participating companies from state corporation and sales taxes for five years and provides reduced-rate patent services, help with grant writing…


Glen Cove brownfields in line for Albany support

Roughly 630 acres across two Nassau County sites are among the statewide properties designated Thursday for Albany-supported revitalization opportunities. All told, Gov. Andrew Cuomo announced the designation of 11 new Brownfield Opportunity Areas – blighted zones where redevelopment efforts get special consideration on state-grant applications and access to tax credits through a state effort to remediate blighted urban properties and spur economic development. “Brownfields” are loosely described by urban planners as land previously hosting industrial…


FabLab: A chance for LI to get real

By GREGORY ZELLER // An MIT-centric network bringing maker spaces to the masses may soon spread to Long Island. Launched in 2001 by the Massachusetts Institute of Technology, the FabLabs program now includes more than 550 high-tech maker’s-spaces in 50 countries. The NY FabLab Development Corp. is a registered 501(c)3 organization hoping to establish a FabLab somewhere on Long Island, and this week, it named toy-making attorney Todd Gordon as its founding director. A graduate…


Pharma companies expanding in Hauppauge

Two Long Island pharmaceuticals companies will purchase a 92,000-square-foot Hauppauge building and add on another 50,000 square feet of storage space through a deal announced Thursday by the Suffolk County Industrial Development Agency. The IDA has approved a $17.5 million package for sister companies Bactolac Pharmaceutical Inc. and ScieGen Pharmaceuticals Inc., which will purchase and renovate 330 Oser Ave. for $8.2 million and construct an addition that will be used to store materials for both…


Guv unveils airport funding competition

By GREGORY ZELLER // Gov. Andrew Cuomo has unleashed his favorite funding scheme – the “competitive process” – on New York State’s airports. The governor’s office announced this week that at least $7 million in funding is available for airport improvement projects around the state, to be made available through the governor’s Aviation Capital Grants Program on a best-get-funded basis, with special attention paid to proposals that not only improve safety but support economic development….


LI composites center, national consortium in deal

The nation’s largest composites consortium has signed a collaborative agreement with Plainview’s Composite Prototyping Center on Thursday in a deal that could be worth $250 million in contracts and grants. The agreement provides the framework for collaboration in research, product development, commercialization, workforce training and STEM education. Advanced composite materials — such as carbon fiber — are up to three times as strong and twice as light as the lightest metals used most current manufacturing. In…


Secretive drone firm to invest $50M+ at Calverton

By JOHN L. KOMINICKI // Calverton’s enterprise zone is near a deal with a Brooklyn aeronautical startup that plans to build giant, solar-powered aircraft that would fly high above commercial jet traffic and beam laser-powered communication signals to earth. The firm, Luminati Aerospace, has acquired the land and buildings of a skydiving school at the former Grumman test site and is set to invest $50 million and employ 40 to 50 people, according to Riverhead Supervisor…


Albany funding affordable housing in storm areas

With Hurricane Joaquin positioning itself for a potential East Cost strike, Gov. Andrew Cuomo on Wednesday announced a new $20 million program to support eligible affordable-housing projects in areas ravaged by previous tropical events, including 2012’s devastating Hurricane Sandy. Citing damage caused not only by the historic superstorm but by Hurricane Irene and Tropical Storm Lee – which struck just weeks apart in 2011 – the governor invited qualified housing developers in 33 New York…


Tech plays center stage in latest funding contest

With visions of a thriving innovation economy front and center, Long Island business and academic leaders are shooting for $105 million in commercialization funds through the annual Regional Economic Development Council competition. The Long Island council, comprised of more than 20 businesspeople and academicians appointed by Gov. Andrew Cuomo, pored over 254 applications from Nassau and Suffolk companies, governments and nonprofits – the highest number of applications since the contest launched on 2011 – to determine…


Farm preservation, defense, marketing programs land state funding

Peconic Land Trust, a not for profit dedicated to conserving Long Island’s working farms and undeveloped land was awarded $1 million in state money to kick off an agricultural equipment grant program. The funding, part of more than $16 million announced by the state on Monday, will go to assist farmers willing to make capital investments in their farming operations, with awards capped at $25,000. The program was developed in cooperation with the Long Island Farm…


Suffolk in line for $388M sewer project

Consider it a silver lining to some of Long Island’s darkest clouds. In what’s being proffered as a response to the historic flooding caused by Hurricane Sandy, $388 million in state and federal funds will flow into Suffolk County to expand sanitary service to over 8,000 parcels of land currently utilizing on-site septic systems. The coastal resiliency initiative, approved by FEMA’s Hazard Mitigation Grant Program, is a major victory for lawmakers and activists who have…


DiNapoli: Sloppy controls at Upstate IDAs

NY Comptroller Tom DiNapoli is keeping the heat on industrial development agencies around the state, this time with audits that suggest poor followups on approved projects in upstate Niagara, Tompkins and Wyoming counties. “When taxpayers and communities are helping to incentivize and assist local economic development efforts, there must be proper accountability,” DiNapoli said in releasing the audits. “IDAs are leveraging tax breaks in exchange for long-term jobs and future revenue for their communities, but without…


Cuomo: Your billions for Upstate are paying off

Gov. Andrew M. Cuomo took to the Huffington Post on Wednesday to extol what he called “irrefutable” evidence that Buffalo, Rochester and the rest of Upstate New York are on the economic mend. While acknowledging that his plan for an Upstate renaissance had been widely considered a fool’s errand, Cuomo said “any objective source would admit significant progress has been made. Even the skeptics are startled.” “Just yesterday the Buffalo News Editorial Board said, “While…