The Suffolk County Industrial Development Agency moved Thursday to keep a publicly traded company that provides on-demand video streaming services from moving its headquarters out of New York State.
The IDA’s board of directors gave final approval for $1.1 million in tax breaks over 10 years to help NeuLion Inc. move across the Nassau-Suffolk border, from Plainview to Melville.
The new location is less than 4 miles from the current location.
NeuLion was co-founded by Nancy Li, wife of billionaire Charles B. Wang, the co-founder of computer software giant CA Technologies and minority owner of the New York Islanders.
Wang serves on NeuLion’s board of directors and the couple owns nearly 29 percent of the company’s stock, which trades on the Toronto Stock Exchange for about 70 cents per share.
Without IDA help, NeuLion “would need to relocate its headquarters to another location outside of New York State,” the company’s attorney Toni J. Hoverkamp said, adding the Island would lose 142 jobs that pay $77,465 a year, on average, excluding benefits.
NeuLion has more than 550 employees at offices across the United States and eight foreign countries, according to a presentation to investors earlier this month. The company lost $1.8 million last year on sales of $99.8 million.
CEO Roy E. Reichbach has told the IDA that purchasing and renovating the New York Life building, near the Huntington Hilton along Route 110, provides the space necessary to add 40 employees by 2020. The total project cost is $14.8 million.
IDA chairman Theresa Ward said on Thursday, “We are very glad to have them stay here.”
The agency also gave final approval for more than $7 million in tax breaks for the Westfield Green apartment complex proposed for Selden.
Leaders of the local school district and civic association criticized the tax incentives at a public heating on Monday.