Nassau County Executive Edward P. Mangano today announced that the Nassau County Industrial Development Agency (IDA) has approved an economic development compact that will assist the owners of an internationally recognized crane and derrick engineering firm to upgrade their Lynbrook office building, allowing the company to remain and grow in Nassau County. The company, which considered moving out of Nassau County, will spend more than $1.2 million on the renovations, intends to retain 47 jobs in Lynbrook and create another five jobs.
Another economic development compact just approved by the IDA, will encourage an importer and distributor of hats and caps to move its operations from New Jersey to Port Washington, creating 20 new jobs in Nassau County.
County Executive Mangano said his economic development team is “working tirelessly to help local companies succeed and grow their operations in Nassau County. Retaining this Lynbrook employer, as well the Port Washington apparel distributor – is good news for the local economy and our residents.”
The IDA compact with CMS Real Estate Holdings, LLC in Lynbrook, will assist it in the renovation of its 266 Merrick Road site. The 39,000-square-foot multi-tenant office building is primarily occupied by Howard I. Shapiro & Associates Consulting Engineers, P.C., a third-generation family business founded in 1946. Jay and Lawrence Shapiro, who own the engineering firm, also own CMS. By retaining the company, and helping it to grow, Nassau County will reap about $67 million in economic benefits and a net tax benefit of more than $500,000 to the affected tax jurisdictions. The project is expected to create as many as 12 full-time equivalent construction jobs.
The economic development compact with Kim & Bae Trading Corp. d/b/a K&B Trading, will assist the hat distributor in its purchase and renovation of a 33,000-square-foot industrial building at 45 Seaview Boulevard. in Port Washington. The $4.8 million project will create up to 10 full-time equivalent construction jobs during a six-month renovation, produce economic benefits of more than $25 million over the duration of the compact and produce a net tax benefit of $195,736. K&B imports and distributes fitted caps, beanies and other hats across the U.S. under the KB Ethos label.
“My economic development team will continue to attract new employers and their jobs to Nassau County,” said County Executive Mangano.
About the Nassau County IDA
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies including Hain Celestial, Publishers Clearing House, Arizona Iced Tea, Dealer Track Technologies and Sleepy’s Mattress as well as Cold Spring Harbor Labs and Grumman Studios. For more information, please visit http://www.nassauida.org or call 516-571-1945.