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Business

LI's state business aid to be announced Wednesday

Gov. Andrew M. Cuomo announces development fund recipients

Gov. Andrew M. Cuomo announces development fund recipients in Albany. Long Island firms won $59.7 million last year. (Dec. 10, 2013) Credit: Howard Schnapp

Long Island will find out Wednesday how big its slice of the state's $750-million business-aid pie will be for 2013-14.

Gov. Andrew M. Cuomo will announce the prizes in Albany. The Island is competing against the state's nine other economic regions.

Only five will be declared big winners with each receiving $25 million in capital grants; every region will get $10 million in tax credits. About $500 million in additional funds will also be awarded.

Long Island was a runner-up last year, winning $59.7 million for 86 projects. It was a big winner in 2011, receiving $101.6 million in the competition's first year.

The 2013 awards ceremony will again be held in a theater near the state Capitol. Television anchor Maria Bartiromo, formerly of CNBC and now of the Fox Business Network, served as emcee in 2011 and 2012, but a state official could not confirm whether she would be doing so Wednesday.

Cuomo started the statewide contest for business aid in 2011. He appointed 10 regional economic development councils and directed them to formulate job-creation plans for a five-year period.

The local council has 22 members drawn from the business, education and not-for-profit communities. It is led by co-vice chairmen Kevin Law, president of the Long Island Association business group, and Stuart Rabinowitz, president of Hofstra University.

A panel of state officials made recommendations on how to divvy up the aid. The panel looked at how past money was spent and visited each region, coming to Suffolk County in November.

The local council has asked for more than $44 million. If the state aid is granted, Rabinowitz predicted it would be matched by $540 million in private and federal money. He also said 27,000 jobs would be preserved or created.

Of the grants sought, the biggest request is for $4 million to reconstruct a road connecting Glen Cove's waterfront to downtown and to create a public piazza as part of a housing retail project, also in the city's downtown.

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