Tony villages in zones seeking recovery funds
Shoppers at the upscale mall in Stony Brook Village. (Dec. 12, 2008) Credit: Newsday / Alejandra Villa
FINANCE
Is the tony village of Bellport a recovery zone? How about Stony Brook? Or Belle Terre? What about Lloyd Harbor? Or Huntington village?
Those places may not sound like they need any recovering, but since Bellport, Stony Brook and Belle Terre are in Brookhaven Town, and Lloyd Harbor and Huntington village are in Huntington Town, they all are part of Brookhaven and Huntington's recovery zones, by order of the town boards.
Brookhaven last week designated the entire municipality a recovery zone to enhance its ability to get nearly $28 million in federal tax-exempt Recovery Zone Private Facility Bonds. Huntington did the same to take advantage of $19 million in such bonds.
The Obama administration has allocated about $156 million in bonds to Long Island's two counties and towns, part of a multibillion-dollar nationwide effort to stimulate economic development and create jobs.
"By designating the entire town as a recovery zone, the town has more opportunity for financing projects that will create jobs and address suburban blight" said Brookhaven Supervisor Mark Lesko.
The bonds are primarily to finance commercial projects.
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