Meeting as the Islip Industrial Development Agency, the Islip Town Board voted Tuesday to approve a weighty financial aid package including 15 years of tax relief worth up to $1.1 million for Broadridge Financial Solutions, which has four locations and 1,600 jobs in Edgewood hamlet.
The benefits would enable Broadridge to stay on Long Island. Islip IDA chief executive William Mannix said company officials approached the IDA in March and said several states had offered attractive incentives to relocate, and that they had received letters of commitment from Florida and Texas.
“This is a real threat,” Mannix said, adding that the majority of the company’s employees in those locations live in Brentwood and Bay Shore and are paid on average $75,000 annually.
He called the proposal a “departure” from normal practice because of the lengthy time period of the tax break, but said it was necessary because of the “extraordinary circumstances.” Mannix said a decision from the company on whether to stay or leave Brentwood is “imminent.”
The inducement from the town is part of a larger comprehensive package being offered by Suffolk County, New York State, LIPA and National Grid.
“This is a great place to live and work. Sometimes, especially in this economy, it’s been a difficult place to own and operate a business,” said Town Supervisor Tom Croci. “They’d like to stay, they just need to know that their government is listening.”
Croci said his administration has taken “an aggressive, proactive role” in trying to “keep businesses here and building on that base and bringing in new businesses.” He added that in January, the Foreign Trade Zone in Ronkonkoma had 90,000 square feet of vacancy — today, 18,000 square feet of industrial space remain vacant.
The 15-year tax abatement extended to Broadridge by the town would match up with an offer from Suffolk County’s IDA, which recently pledged a 15-year reduction in property taxes valued at $7.2 million to the company, along with $2.6 million in sales tax exemptions on $75 million of equipment.
Above: Islip Town Hall