Brookhaven Helping with Economic Recovery

With the economic hardships that so many are facing,  there is an increased effort to save money.  The Town of Brookhaven is doing its part to assist in this process for local business owners.  As part of its economic recovery plan, the town is offering tax exempt bonds for construction projects, the purchase of eligible real property, the purchase of equipment, and the expansion of property in the private section. 

This is a great opportunity for owners to jumpstart their businesses.  According to the town's website, "Brookhaven has over 1,500 acres of ready to build prime industrial sites including over eight industrial parks zoned L-1, which is home to Stony Brook Technology Center and our 235 acres Research and Design park in Shirley. Our industrial parks, with their campus like settings, are located on or near main thoroughfares such as the Long Island Expressway and Sunrise Highway; most facilities/sites are equipped with sewage connections, water and electric."

The goal of this project is to keep the cost of owning a business "affordable" and to build the Town of Brookhaven as, "the home to many businesses, its' owners and workforce." 

Brookhaven also works in accordance with the Empire Zone Program, offering qualifying businesses additional tax credit and exemptions. 

"It's a great opportunity considering the current economic situation," says Lisa Giannusa, Director of Economic Development for the Town of Brookhaven and CEO of the Industrial Development Agency (IDA).

An informational meeting was held on January 28, 2010, and hosted approximately 80 business owners.  "It's all about jobs," Supervisor Mark Lesko told them.

In order to be considered for these bonds, applicants are required to have a "shovel ready site." 

Giannusa explains that while the company does not necessarily have to be ready to break ground, they must have an exact plan.  This is because the bonds must be issued by December 31, 2010, leaving a relatively narrow window of time remaining.

Unfortunately, there is not enough time to include business owners who have just come up with an idea for a project. 

"They need to be ready to go," Giannusa said.

So, have local entrepreneurs taken advantage of this great opportunity?  "The short answer is yes," says Giannusa.  She goes on to explain that a number of strong projects have made application.  The application of which she speaks is approximately 15 pages long and covers everything from possible partnerships to major bank references.  Additionally, accurate estimates of all building costs are required. 

After the applications have been received by the town, they will be reviewed to choose which lucky business owners will receive a portion of over $27,870,000 dollars from the federal government, set aside for these projects.

 "The IDA will allocate the funds within the next few months," explains Giannusa.  At this point, applicants do not yet know if they will be chosen to receive the coveted tax exemption.  "We have a lot of good options in the mix."  The Town is hopeful that many projects will get going quickly.