Biz Buzz

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LONG ISLAND

 

 

 

Tax break for drugmaker

 

PL Developments, a drug manufacturer based in Westbury, has received a sales tax exemption from Nassau County on $1.1 million worth of construction materials and equipment for a new warehouse at 609-2 Cantiague Rock Rd. in Jericho. The maker of generic drugs that are sold under other companies' names is in the process of acquiring the unfinished building. Company attorney Andrew D. Komaromi said the manufacturer hopes to eventually add 200 people to its payroll of 500. The sales tax break, awarded by the county's Industrial Development Agency, is valued at less than $100,000. The agency also will consider a request from 24-year-old PL for property tax breaks on buildings in Jericho, Westbury and Farmingdale once assessment issues have been resolved there, said IDA executive director Joseph J. Kearney. The state has committed to give PL $2.7 million in tax credits for the Cantiague Rock Road project, which is valued at $13 million, according to Empire State Development Corp.-- James T. Madore

 

 

Start-up business plans due

 

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Those vying for a spot in the local start-up incubator program Long Island Tech COMETS have until Monday to submit a business plan to be considered. So far, more than two dozen start-ups have submitted applications for three spots in the program, Peter Goldsmith, president of the Long Island Software & Technology Network, which is spearheading the COMETS program, said yesterday. A 12-member committee will select up to eight finalists to make presentations before choosing the three winners, Goldsmith said. COMETS -- Connected Organization Mentoring Exciting Tech Start-ups -- will provide the winners with mentoring and free office space in the LI Tech Mall in Hauppauge for six months. The program is worth over $50,000 and is targeted toward software and tech companies. At the end of the six months, all three companies will have the opportunity to pitch their business to investors in the Long Island Angel Network. For information, go to litechcomets.org.-- Lisa Du

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