IDA Job Retention Efforts Keep Another 500 Jobs In Nassau

0

nassauidaThe Industrial Development Agency (IDA) recently approved economic development contracts on June 28 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 county 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,” said Nassau County Executive Ed Mangano.
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 in Port Washington.

Under terms of the contract, the company said it 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.

Visit www.nassauida.org for more information.

Leave a Reply