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Industry One can help you take advantage of Tax & Economic Benefits

Let us show you what the Industrial Development Agencies of Long Island can offer you.

See the sample below for an IDA Pilot Program Proposal we obtained.

2014-2015 Assuming Contacts of:
Assessed Value 20,100  
Tax rate for items eligible for PILOT 279.5467 56,189
Other Non-Abated Taxes   1,600
    57,789
    2.00%
Rate
Year Abate Tax PILOT 0% Non-
Abated
To be
Paid
Savings
2016 2017 290.7286 1 60% 40% 23,375 1,600 24,975 35,050
2017 2018 296.5432 2 55% 45% 26,837 1,600 28,437 32,750
2018 2019 302.4741 3 50% 50% 30,399 1,600 31,999 30,400
2019 2020 308.5236 4 45% 55% 34,123 1,600 35,723 27,900
2020 2021 314.6941 5 40% 60% 37,952 1,600 39,552 25,300
2021 2022 320.9880 6 35% 65% 41,953 1,600 43,553 22,550
2022 2023 327.4078 7 30% 70% 46,066 1,600 47,666 19,750
2023 2024 333.9560 8 25% 75% 50,361 1,600 51,961 16,750
2024 2025 340.6351 9 20% 80% 54,774 1,600 56,374 13,700
2025 2026 347.4478 10 15% 85% 59,379 1,600 60,979 10,450
2026 2027 354.3968 11 10% 90% 64,110 1,600 65,710 7,100
2027 2028 361.4847 12 5% 95% 69,044 1,600 70,644 3,600
Totals: 538,373 19,200 557,573 245,300

SUFFOLK COUNTY BOOST PROGRAM

The Suffolk County IDA offers a “Boost” program for companies in information technology, life and bio sciences, green technology and energy. To qualify you must be from one of those sectors, have a project not to exceed $1,000,000, have an experienced management team and a strong funding source or revenues. The Boost program sets out to serve Suffolk's growth companies. When a company is moving from a smaller space to a larger one, purchasing new equipment, and/or making renovations, the IDA can provide benefits to make it more cost effective.

Case Study:
The first Boost program applicant was Work Market Inc. of New York City. Work Market is an $11 million venture capital backed company that currently has 33 Manhattan based employees. Work Market will hire an additional 15 employees in year one and 10 employees in year two to be based in Huntington. Work Market builds software that helps companies find, verify, engage, manage, pay and rate the variable workforce needed to run their business. The average salary for these new sales-oriented employees will be $90,000. Work Market's incentive package that was approved results in an estimated $51,250 of incentives over a five year period.

Jeff Leventhal, the Chief Executive Officer of Work Market says, "The Suffolk IDA is showing its willingness to open their arms to the start-up business community with this new program. Their aggressiveness in wanting Work Market to open in Huntington, along with the benefits they are providing, were significant factors in our decision making for our new expansion."

What others are saying about the “Boost Program”
"The Boost program will provide the launching pad for smaller innovation companies to grow and develop in Suffolk County. Landing Work Market through the new Boost program demonstrates the Suffolk IDA is aggressive about creating a pro-growth environment and securing jobs."
– Steven Bellone, Suffolk County Executive

"Supporting our growth industries and eliminating barriers to entry with programs such as this will have an immediate economic impact on Suffolk County,”
- Joanne Minieri, Suffolk County Commissioner for Economic Development and IDA board member

"It is vitally important that government create policies that will help innovation-based companies grow the Long Island economy of the future. The Boost program is a great example of that, and I'm grateful for the IDA’s leadership and look forward to working with the IDA on this initiative."
– David Calone, Chairman Suffolk Planning Commission, Suffolk County Venture Capitalist and member of the Boost Program Working Group

"The Suffolk IDA's new Boost program is an innovative way to benefit our local companies, including those that will work within the Accelerate Long Island framework. This can be a model program for IDA's across Long Island. “
- Kevin Law, the President of the Long Island Association and Chairman of Accelerate Long Island

"We are delighted to see the Boost program will be available to our companies as they graduate from their initial incubator space to larger space in Suffolk County. We plan to work closely with the Suffolk IDA and our LIHTI tenants to create an ongoing awareness of the program.”
- Dr. Anil Dhundale, Executive Director of the Long Island High Tech Incubator at Stony Brook University

 
Call 631 694 3500 for more information 95 Broadhollow Road, Suite 201, Melville, NY 11747
 
 
All information listed on this website is from sources deemed reliable, however Industry One Realty Corporation is not to be held responsible to the accuracy of information herein.
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