Economic Development

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…

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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…


Albany rings bell for Restore NY, round five

Hempstead will host an informational meeting for Long Island municipalities craving a slice of Gov. Andrew Cuomo’s latest competitive-funding pie. With $80 million up for grabs in Round 5 of the Restore NY Communities Initiative, the Empire State Development Corp. – Albany’s main economic-development engine – has scheduled three workshops around the state to educate would-be applicants on the urban-revitalization program. All three informational workshops, including a Sept. 29 meeting at Hofstra University, are scheduled…


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…


Albany pumps $10M into a new downtown Hicksville

By GREGORY ZELLER // Hicksville has won the regional round of New York State’s second-annual $100 million downtown-redevelopment contest. The Nassau County hamlet in the Town of Oyster Bay will pocket $10 million in a ceremony scheduled to be hosted Wednesday by Gov. Andrew Cuomo. Hicksville beat out nearly two dozen Long Island municipalities vying for the regional award, which is managed by the state’s Downtown Revitalization Initiative, one of many competitive-funding programs launched by…