Economic Development

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…


Light the lights: Broadway National eyes new stage

By GREGORY ZELLER // Broadway National is changing venues. The three-decade-old property-management firm with the big-name clientele is taking its big-stage flair from Ronkonkoma to Hauppauge, thanks to a new incentives package preliminarily approved this week by the Suffolk County Industrial Development Agency. Launched in 1989 in the garage of founder William Paparella as sign manufacturer Broadway Neon Corp., Broadway National Group LLC is a bona fide hit. The company now offers a diverse set…


Developers jockey for position after Belmont RFP

By GREGORY ZELLER // Like a bugle call summoning the field to the starting gate, New York State is beckoning developers to Belmont Park. Trumpeting “an exciting and much-anticipated development opportunity on Long Island,” Empire State Development President and CEO Howard Zemsky on Monday issued a Request for Proposals for the redevelopment of property within the hallowed racetrack’s grounds, located in the “census designated place” Elmont, within the Town of Hempstead. Two parcels totaling roughly…


Aerospace is swell and all, but this is about land

By GREGORY ZELLER // Make no mistake: For Greek-American billionaire John Catsimatidis, this is a land deal, pure and simple. The owner of Gristedes Foods, the largest grocery chain in Manhattan, can issue press statements noting his “deep roots and interest in aviation,” as he did after word spread that United Refining Energy Corp. – one of several companies under the umbrella of Catsimatidis’ Red Apple Group – would back Luminati Aerospace LLC’s efforts to…


Suffolk IDA backs an old friend in Hauppauge

A Hauppauge-based tech consultancy will expand its global headquarters and business operations, with the help of the Suffolk County Industrial Development Agency. The IDA on Thursday granted preliminary approval to a transaction that will help Flexible Business Systems, which provides professional IT and cybersecurity support for client companies without indigenous IT departments, purchase and renovate a 40,000-square-foot-facility on Motor Parkway. Terms of the incentives package were not disclosed, but the expansion effort amounts to a…


Feds OK $537M loan for NYC’s Farley train project

New York has been greenlighted for more than $500 million in federal loans to covert the Farley Post Office building in Manhattan into a modern transit hub, replacing the rabbit warren of tunnels known as Penn Station. The credit program, formerly called the Transportation Infrastructure Finance and Innovation Act but better known as TIFIA, has been used repeatedly by the state for big construction projects, including the State Island ferry terminals and the new Tappen…


LICA seeks healthcare heroes for next forum

Fresh from its successful June 9 Cybersecurity Capital Forum, the Long Island Capital Alliance has put out the call for its next inventors-meet-investors networker, this focused on one of Long Island’s most active verticals: healthcare. The nonprofit capital-formation and business-development organization is accepting business-plan applications through July 21 from early-stage healthcare companies interested in pitching at the Healthcare Capital Forum, scheduled for Sept. 27 at RXR Executive Park in Melville. Like other LICA forums, the…


In SBU’s incubators, it’s all about who you know

By GREGORY ZELLER // From the Couldn’t Have Done It Without You file comes the 2017 Incubator Showcase, a victory lap for past and current products of Stony Brook University’s diverse economic-development ecosystem – many of whom say they’d have been nonstarters without the university’s help. Packed into a large conference space inside SBU’s Center of Excellence in Wireless and Information Technology, Thursday’s event was an impressive sight indeed: dozens of early-stage enterprises representing a wide…


Innovation’s past, present, future at SBU showcase

By GREGORY ZELLER // Stony Brook University is gearing up for its annual business-development victory lap. Hosted by the university’s Office of Economic Development, SBU’s second-annual Incubator Company Showcase is a chance for the multifaceted school to flex its innovation muscle – a joint presentation of its Centers of Excellence, Centers for Advanced Technology and myriad business incubators, designed to highlight the cutting-edge creativity and business acumen comprising SBU’s entrepreneurial ecosystem. It’s also a chance…


Big plans, but Hub still hinges on Suffolk sewers

By MICHAEL FAIRLIE // Progress is coming in drips and drabs, but the lack of sufficient sewer systems remains the No. 1 impediment to the ambitious Ronkonkoma Hub redevelopment project. That was the main message Wednesday, when the MacArthur Business Alliance – a 23-year-old networking organization promoting commercial, industrial and not-for-profit interests across Suffolk County – hosted a meeting at Ronkonkoma’s Courtyard by Marriott to update interested parties on the project’s progress and potential effects….


Bell rings for Round 2 of $100M downtown initiative

New York State’s Downtown Revitalization Initiative is back for a $100 million second round. Governor Andrew Cuomo has announced the launch of Round 2 of the program, which will once again offer monetary and other support to the creation of Strategic Investment Plans for rebuilding efforts in 10 designated downtown communities across the state. The initiative, part of a “comprehensive approach” to neighborhood and economic transformations across New York, looks to “build upon the successful…


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…