Nassau County Executive Edward P. Mangano announced today that the Industrial Development Agency (IDA) approved economic development compacts on June 28th that assist two local manufacturers to expand operations and retain 500 jobs in Nassau County. Port Washington-based LIF Industries, a fire door manufacturer, will expand its operations and keep more than 300 jobs in Nassau that might have been moved out-of-state. Family-owned Slant/Fin Corp., America’s largest manufacturer of baseboard heating equipment and one of the top manufacturers of gas and water boilers, will spend $3 million to modernize its building and retain its unionized workforce of 229 in Greenvale. The company had considered relocating to Connecticut. Since 2010, the Mangano administration has retained more than 7,000 local jobs.
“Nassau County continues to lead the region with the lowest unemployment rate due to my economic development teams’ success in retaining local employers and attracting new companies and their jobs to our communities. The retention and growth of these two companies and their 500 jobs ensures residents continue to have local job opportunities and helps maintain the tax base for schools and other municipalities.”
LIF Industries, which considered a move to Pennsylvania, will retain 300-plus jobs. The company plans to increase its space by 25 percent through the purchase of a 40,000-square-foot building at 10 Harbor Park Drive in Port Washington. The company has its headquarters and factory in 163,000 square feet at 5 Harbor Drive and has additional facilities at 18 Industrial Park Drive, a 40,00 square-foot building. Under terms of the compact, the company said will add 18 full-time-equivalent jobs to its payroll within three years of completion of the $7 million expansion and renovation project. The project also is estimated to result in the creation of 12-17 construction jobs and have a total economic impact on the county of $108 million. Empire State Development has awarded the company up to $500,000 in state tax credits and the state Power Authority has agreed to provide Long Island Fireproof with 290 kilowatts of low-cost electricity.
Slant/Fin Corp. will spend $3 million to modernize its 188,048-square-foot building and retain its unionized workforce of 229 in Greenvale. The economic compact is estimated to have a $1.4 billion positive economic impact and have a net-positive tax benefit to Nassau and other taxing jurisdictions of $1.4 million.
About the Nassau County Industrial Development AgencyThe 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 www.nassauida.org or call (516) 571-1945.