Queens lighting company moving to Port Washington
A Queens lighting company plans a $6.5-million move to Port Washington, officials said this week.
Jesco Lighting Group, based in Glendale, wants to buy 15 Harbor Park Dr. for its headquarters. The purchase price is $5.5 million.
Jesco attorney Peter L. Curry said $950,000 would be spent on building improvements and equipment.
Jesco will relocate 40 jobs and add eight more by 2016 in return for tax breaks from the county's Industrial Development Agency.
The IDA is providing a $47,437 sales-tax exemption and $33,967 off the mortgage recording tax. Property taxes will be frozen for eight years and then increase 3 percent in each of the following seven years.
IDA executive director Joseph J. Kearney said Jesco's decision to expand on Long Island instead of in California, where it has an office, "is another sign that Nassau County is alive and well" after the devastation of superstorm Sandy on Oct. 29.
The IDA also has backed an $8.1-million expansion of PL Developments, a maker of generic drugs. The company, based in Westbury, intends to buy and equip a building at 609-2 Cantiague Rock Rd., and to renovate its factory at 200 Hicks St. The plan was first reported by Newsday in August.
In return for tax breaks, PL Developments, called PLD, will maintain its local payroll of 569 and add 150 jobs over three years, according to Nassau Executive Edward Mangano, who was involved in the deal.
The IDA is providing $215,625 in sales tax relief and $50,000 off the mortgage recording tax. Four buildings and a parking lot will be covered by an agreement that freezes property taxes for 11 years and then raises them 2 percent in each of the next nine years.
New York State is providing $2.7 million in state tax credits.
Local officials said PLD told them it would move to Florida if help wasn't forthcoming.However, in April, PLD told Florida of plans to shed 82 jobs in Miami, records show.
Rich Martorella, PLD chief financial officer, said the company is "maxing out our exisiting equipment," making the expansion neccessary.