January 2006

Supervisor Reports Hempstead IDA Sets a $289 Million Record

With more than $289,000,000 in development projects to its credit, the Town of Hempstead Industrial Development Agency recorded the most successful year in its history in 2005, it was announced by Town Supervisor Kate Murray.

"I can think of no better demonstration of the towns robust economy than this outstanding accomplishment," Supervisor Murray said. "It shows the absolute confidence that the business community has in the town, its people and its institutions."

Fred Parola, the IDA's executive director, said the record-shattering year is especially significant in view of the fact that Hempstead is the most densely developed town on Long Island. "We donҒt have a lot of open land to develop, but the business community chooses to work with us to renovate, expand, rehabilitate and refinance existing businesses."

In 2005, the IDA assisted 15 businesses to develop projects worth $289,163,5244, which will provide nearly 1,000 new jobs for the town as well as numerous construction jobs. The IDA offers incentives to qualifying businesses in an effort to attract projects to the town and to retain existing firms.

Eligible businesses in 2005 ranged from Adelphi University, with a $42 million project to expand residential and educational facilities on its Garden City campus, to Circuits and Systems, which is investing $543,000 to expand its East Rockaway headquarters where it manufactures industrial scales.

The Town of Hempstead IDA is a non-profit, public benefit agency with special powers authorized by New York State to promote economic development with financial assistance and tax relief.‚ The town, largest in population in the United States, is committed to responsible development, emphasizing its stable tax base, highly educated work force and access to major airports, New York City and world markets.