By GREGORY ZELLER //
An investor-communications specialist will upgrade and expand in Suffolk County, with a little help from the county’s Industrial Development Agency.
The IDA on Thursday gave preliminary approval to a transaction that would help Broadridge Investor Communication Solutions, a subsidiary of Lake Success-based Broadridge Financial Solutions, renovate two existing Suffolk County offices and make equipment upgrades at three of the subsidiary’s properties.
Among the projects on Broadridge Investor Communication Solutions to-do list: a $19 million renovation of more than 720,000 square feet at two of the company’s three locations, plus another $105 million in new machinery and IT equipment to stock up the new spaces.
All told, the company’s roughly $125 million investment will keep its 1,700-plus employees in Suffolk and create 262 additional, good-paying jobs over the next five years (average annual salary $96,000), while allowing Broadridge Investor Communication Solutions to expand its product offerings, according to the IDA.
That’s exactly the kind of bang the Industrial Development Agency tries to deliver with its bucks, according to Suffolk IDA Chairwoman Theresa Ward, who noted the larger economic impact of the IDA’s tax-abatement packages and other stimulus efforts are always considered.
“As it does for every transaction the IDA seeks to induce, these short-term tax incentives provided to Broadridge [will] leverage a long-term commitment for high-quality employment,” Ward said Thursday. “This is a win-win for both Broadridge and the residents of Suffolk County that will continue the growth of our innovation economy.”
Suffolk County Executive Steve Bellone said the incentives package for the leading provider of digital and print services – including proxy materials, electronic marketing materials and accounting statements – “showcases the county’s commitment to ensuring our largest employers stay here and continue providing high-paying jobs for our residents.”
“One of my administration’s main priorities has been to improve our economy and assist in the creation of meaningful job opportunities any way we can,” Bellone said in a statement. “This transaction accomplished both of those goals.”