Rich Schaffer

Study: Babylon IDA tax cuts spurred $600M in activity

Take a bow, Babylon Industrial Development Agency: You leveraged just $6 million in tax incentives into nearly 100 times that in economic activity, and created some 10,000 new jobs, in just five years. So says “Investing in Babylon: A Study of Babylon’s Economy to Plan for the Future,” a 45-page dissertation following 80 transactions incentivized by the Babylon IDA between 2011 and 2015. The economic impact analysis, conducted by the agency in conjunction with the…


Babylon IDA gets serious about affordable housing

The Babylon Industrial Development Agency has adopted a “landmark provision” designed to address one of the Long Island innovation economy’s great needs: affordable housing. The Babylon IDA on Tuesday passed what it called a “significant policy initiative” targeting future housing developments within town borders. Designed in collaboration with the Long Island Housing Partnership, the policy requires that owners of new developments applying for IDA benefits meet a 20 percent affordable-housing requirement – meaning at least…