(Hauppauge, NY – May 17, 2012) – In a move designed to stop the out-of-state exodus of more than 1,600 high-paid jobs, the Suffolk County Industrial Development Agency (IDA) today approved a cost-saving incentive package for Broadridge Financial Solutions, Inc., a public company being courted by New Jersey, Virginia, Florida, Ohio and Texas. Coupled with incentives from New York Empire State Development (NYESD) and the Long Island Power Authority (LIPA), County officials hope the total package will convince Broadridge to stay in Suffolk. Robert Kalenka, Chief Operating Officer of Broadridge’s investor communications solutions business, must take the package before the company’s board of directors for consideration in June.
The incentives provided through the IDA include sales tax exemptions on $75 million in equipment purchases and a 15-year property tax break. The company plans to renovate and equip two currently occupied facilities totaling over a 500,000 square feet.
According to County Executive Bellone, “We need to do all we can to keep and grow businesses in Suffolk County and preserving these 1,600 jobs is an important step. It is our hope that with the IDA incentive package offered today and the NYESD’s incentive package, Broadridge will continue to grow their company here in Suffolk County and contribute to our local economy.
Suffolk’s Deputy County Executive for Economic Development Joanne Minieri, who worked closely with the NYESD and LIPA to put together the incentive package, said, “Broadridge is in growth mode. Their heavy reliance on local vendors, coupled with their commitment to the local workforce in Brentwood, Central Islip, Bay Shore and Huntington Station, will have a tremendous ripple effect on the region.” According to Broadridge, the average employee earns $75,000 annually and the company payroll is more than $100 million per year.
Said NYESD President Kenneth Adams, “Our past and present commitments to Broadridge clearly demonstrate the importance of this company, and the great lengths to which New York State has gone to ensure the long term presence of Broadridge on Long Island.” In 2007, NYESD made an unprecedented offer to Broadridge of a 10-year benefit package valued in the tens of millions of dollars. According to Adams, “few companies have received this level of long-term financial support from New York State and we want to continue the partnership in order to keep these jobs on Long Island.” Just last month, Governor Cuomo announced a low-cost, seven year energy incentive valued at $3.8 million from New York Power Authority and the Long Island Power Authority.
“LIPA was pleased to work with New York State Development, New York Power Authority, Suffolk County, Islip Town and National Grid to ensure that Broadridge remains in Suffolk County and continues to contribute to our local economy,” said LIPA Chief Operating Officer Michael Hervey.
Long Island Association President & CEO Kevin Law said, “Broadridge is an important part of Long Island’s business community and it is instrumental in creating jobs and growing our economy. The Long Island Association applauds Governor Cuomo and County Executive Bellone for their leadership in helping Broadridge stay on Long Island.”