Six Months of Progress with New Tax Incentive Policy and Leadership More than 5,000 Jobs Retained; Close to 1,000 New Jobs Added
Hauppauge, NY- February 6, 2013) – “The new Suffolk County Industrial Development Agency (IDA) leadership team led by Executive Director Anthony Manetta has been remarkably proactive, creating new strategic partnerships, aggressive incentives, innovative retention programs, and attention-grabbing marketing initiatives,” said County Executive Steven Bellone.
Despite a rough economy and a fiscal crisis in County government during 2012, IDA initiatives and retention programs added nearly 1,000 new jobs to Suffolk’s economy and has retained more than 5,000 jobs. “New jobs alone represent more than $40 million in additional payroll dollars, which is a significant shot in the arm to the county’s economy,” said Bellone. “Clearly, the synergy between the IDA and the County’s Department of Economic Development and Planning, led by Deputy County Executive and Commissioner Joanne Minieri, is getting results.” Commissioner Minieri was appointed to the IDA board in 2012.
A rundown of IDA policy and marketing initiatives, strategic partnerships and outreached programs includes:
· Tax Incentive Policy – In June 2012, the IDA passed a new Uniform Tax Exempt Policy (UTEP), which provides greater incentives to retain and grow Suffolk County’s workforce.
· Job Retention and Growth – The IDA has provided initial inducements for 20 projects. The total jobs retained through these projects are 5,472 with 933 new jobs to be added to the workforce. The jobs created are projected to produce $40 million in new payroll dollars. New companies working with the IDA include:
· A&Z Pharmaceuticals
· Bio-Botanica
· Broadridge Financial
· Caro Properties (Arrow Security)
· D’Addario
· DRI Relays
· Elizabeth Dow Ltd
· Fuoco Technology
· GSE Dynamics
· Jobin Organization
· Kedrion Melville
· LNK International
· Long Island Industrial Real Estate Group
· Long Island Tech Mall
· Peconic Bay Medical Center
· Select Product Holdings
· Suffolk Recovery Corp
· VLI North America
· Wilshire Properties
· Work Market
· BOOST Program – In a move designed to support small business and specific growth sectors of Suffolk’s economy, the IDA created the BOOST Program, which gives qualifying companies a competitive edge to further expand their roots in Suffolk. Companies in this program see a more flexible lease term requirements, aggressive tax incentives and significantly reduced fees. Since it was launched, the IDA has extended the program to four emerging hi-tech companies, and has been widely applauded by the Long Island Association, LISTnet, the Long Island High Tech Incubator and local venture capitalists. Companies to receive BOOST benefits include: Work Market, VLI North America, The LI Tech Mall and Fuoco Tecnology.
· Partnership - There is a renewed sense of partnership and collaboration between the IDA and the County’s Department of Economic Development and Planning. In an effort to further the administration’s economic development goals, Deputy County Executive, Commissioner of Economic Development and Planning Joanne Minieri and IDA Executive Director Anthony Manetta have made job growth their shared priority. In addition, the IDA, Economic Development and Suffolk Department of Labor Business Services Division have teamed up to cross promote services, for example, working together at job fairs and trade shows.
· Marketing – In line with Manetta’s aggressive outreach strategy, the IDA rebranded itself with a new logo and tagline, new collateral marketing materials, and the agency’s first Web presence, a user-friendly site integrated with the IDA’s social media.
· Super Storm Sandy – In the aftermath of the most devastating storm to hit the Northeast in a generation, the IDA launched and is continuing to manage a program for small businesses affected by Super Storm Sandy. Companies with 50 or less employees working in Suffolk can receive sales tax relief on building materials and new equipment for up to $100,000 in purchase costs. To date, the IDA has granted approval for 41 companies with 60 who are submitting final applications in the pipeline.
· Hauppauge Industrial Association / Suffolk IDA Alliance – The Hauppauge Industrial Park is one of the largest business parks in the Country and a major economic producer within Suffolk County. Working more closely together than ever before, the HIA and IDA formed an alliance in 2012 that will continue throughout 2013. The mutual goal is to create awareness amongst those in the Park on the IDA’s incentives to have them continue to retain and grow their workforce locally.
· Strategic Outreach – Another first, the IDA held a successful business development and networking event at the Melville Marriot that drew nearly 200 attendees from across the business community. Outreach has been a key component to highlighting the new aggressive policies of the IDA where numerous awareness meetings with commercial brokers, business bankers, accountants and lawyers have taken place. Additionally speaking engagements have been prevalent including the Melville Chamber of Commerce, Hauppauge Industrial Association, NYS Society of CPA’s, Vision Long Island, Islip Foreign Trade Zone, the Fair Media Council and the HIA-IDA CEO Roundtable.
“Engaging influential segments of the business community, including commercial brokers, business bankers, attorneys, accountants, and business leaders, has been a key part of the IDA’s new approach,” said Manetta. “Everything we’ve done – initiating the BOOST program to help innovative start-ups get a toehold in Suffolk, reaching out to small business in the aftermath of Sandy, and getting the word out through special events and a fresh approach to marketing – has come together to reap tremendous results.”
“The goals of the Department of Economic Development and Planning and the IDA are the same – to grow and retain jobs, and reinvigorate Suffolk’s economy,” said Commissioner Minieri. “Working together, we’ve kept companies from leaving Long Island, helped others to grow locally and others to expand to international markets while continuing to add jobs in Suffolk. UTEP, Boost and other IDA incentives are important tools to effectuate this level of success.”
Despite a rough economy and a fiscal crisis in County government during 2012, IDA initiatives and retention programs added nearly 1,000 new jobs to Suffolk’s economy and has retained more than 5,000 jobs. “New jobs alone represent more than $40 million in additional payroll dollars, which is a significant shot in the arm to the county’s economy,” said Bellone. “Clearly, the synergy between the IDA and the County’s Department of Economic Development and Planning, led by Deputy County Executive and Commissioner Joanne Minieri, is getting results.” Commissioner Minieri was appointed to the IDA board in 2012.
A rundown of IDA policy and marketing initiatives, strategic partnerships and outreached programs includes:
· Tax Incentive Policy – In June 2012, the IDA passed a new Uniform Tax Exempt Policy (UTEP), which provides greater incentives to retain and grow Suffolk County’s workforce.
· Job Retention and Growth – The IDA has provided initial inducements for 20 projects. The total jobs retained through these projects are 5,472 with 933 new jobs to be added to the workforce. The jobs created are projected to produce $40 million in new payroll dollars. New companies working with the IDA include:
· A&Z Pharmaceuticals
· Bio-Botanica
· Broadridge Financial
· Caro Properties (Arrow Security)
· D’Addario
· DRI Relays
· Elizabeth Dow Ltd
· Fuoco Technology
· GSE Dynamics
· Jobin Organization
· Kedrion Melville
· LNK International
· Long Island Industrial Real Estate Group
· Long Island Tech Mall
· Peconic Bay Medical Center
· Select Product Holdings
· Suffolk Recovery Corp
· VLI North America
· Wilshire Properties
· Work Market
· BOOST Program – In a move designed to support small business and specific growth sectors of Suffolk’s economy, the IDA created the BOOST Program, which gives qualifying companies a competitive edge to further expand their roots in Suffolk. Companies in this program see a more flexible lease term requirements, aggressive tax incentives and significantly reduced fees. Since it was launched, the IDA has extended the program to four emerging hi-tech companies, and has been widely applauded by the Long Island Association, LISTnet, the Long Island High Tech Incubator and local venture capitalists. Companies to receive BOOST benefits include: Work Market, VLI North America, The LI Tech Mall and Fuoco Tecnology.
· Partnership - There is a renewed sense of partnership and collaboration between the IDA and the County’s Department of Economic Development and Planning. In an effort to further the administration’s economic development goals, Deputy County Executive, Commissioner of Economic Development and Planning Joanne Minieri and IDA Executive Director Anthony Manetta have made job growth their shared priority. In addition, the IDA, Economic Development and Suffolk Department of Labor Business Services Division have teamed up to cross promote services, for example, working together at job fairs and trade shows.
· Marketing – In line with Manetta’s aggressive outreach strategy, the IDA rebranded itself with a new logo and tagline, new collateral marketing materials, and the agency’s first Web presence, a user-friendly site integrated with the IDA’s social media.
· Super Storm Sandy – In the aftermath of the most devastating storm to hit the Northeast in a generation, the IDA launched and is continuing to manage a program for small businesses affected by Super Storm Sandy. Companies with 50 or less employees working in Suffolk can receive sales tax relief on building materials and new equipment for up to $100,000 in purchase costs. To date, the IDA has granted approval for 41 companies with 60 who are submitting final applications in the pipeline.
· Hauppauge Industrial Association / Suffolk IDA Alliance – The Hauppauge Industrial Park is one of the largest business parks in the Country and a major economic producer within Suffolk County. Working more closely together than ever before, the HIA and IDA formed an alliance in 2012 that will continue throughout 2013. The mutual goal is to create awareness amongst those in the Park on the IDA’s incentives to have them continue to retain and grow their workforce locally.
· Strategic Outreach – Another first, the IDA held a successful business development and networking event at the Melville Marriot that drew nearly 200 attendees from across the business community. Outreach has been a key component to highlighting the new aggressive policies of the IDA where numerous awareness meetings with commercial brokers, business bankers, accountants and lawyers have taken place. Additionally speaking engagements have been prevalent including the Melville Chamber of Commerce, Hauppauge Industrial Association, NYS Society of CPA’s, Vision Long Island, Islip Foreign Trade Zone, the Fair Media Council and the HIA-IDA CEO Roundtable.
“Engaging influential segments of the business community, including commercial brokers, business bankers, attorneys, accountants, and business leaders, has been a key part of the IDA’s new approach,” said Manetta. “Everything we’ve done – initiating the BOOST program to help innovative start-ups get a toehold in Suffolk, reaching out to small business in the aftermath of Sandy, and getting the word out through special events and a fresh approach to marketing – has come together to reap tremendous results.”
“The goals of the Department of Economic Development and Planning and the IDA are the same – to grow and retain jobs, and reinvigorate Suffolk’s economy,” said Commissioner Minieri. “Working together, we’ve kept companies from leaving Long Island, helped others to grow locally and others to expand to international markets while continuing to add jobs in Suffolk. UTEP, Boost and other IDA incentives are important tools to effectuate this level of success.”
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