Babylon will create a fund financed by developers to help underserved areas of the town

The Town of Babylon is creating an economic development fund to attract businesses to its underserved areas.

According to the town's description of the fund, its purpose is to offer financial assistance for projects that "promote the economic health" of the town by helping create jobs, or retain or increase business activity.

The program is designed to assist in the following areas: construction; expansion/rehabilitation; acquisition of machinery/equipment; working capital and employee training; real estate and land acquisition; demolition; site improvement; inventory; planning and feasibility study costs.

Ann Marie Jones, the town's commissioner for planning and development, said this could include helping business start-ups, renovation programs or business workshops.

Eligible to participate are those in research/tech, manufacturing, retail businesses in distressed areas, municipalities, industrial development agencies and local development corporations. Not eligible are residential builders, casinos, legal/medical/assisted living businesses and retail businesses not in distressed areas.

Jones said the program would be funded by the developers who have large projects in the town, which will have an impact on local communities. No town funds will be involved.

"They would contribute toward the well-being of the area around them, a community that's underserved," she said.

While distressed communities, such as Wyandanch and Copiague, could be a part of this goal, Jones stressed that the improvements don't have to be to downtowns.

"It could be a shopping center in West Babylon that could use revitalization or some aesthetic improvements," she said. "This is a way to encourage activity townwide."

The town has established a three-member panel to review requests for funding: the town's commissioner of planning, the comptroller and the town attorney. Jones said she hopes to have the fund up and running next year.

By Denise M. Bonilla

denise.bonilla@newsday.comdenisebonilla

Denise Bonilla has worked at Newsday since 2003 and covers the Town of Babylon, including the villages of Lindenhurst and Amityville.